Prepare an income statement for May. (Input all amounts as positive values. Omit

Question

Prepare an income statement for May. (Input all amounts as positive values. Omit the "$" sign in your response.)

  

$  

  Beginning inventory 0      Units produced 49,000      Units sold 44,000      Selling price per unit $81      Selling and administrative expenses:     Variable per unit $2        Fixed (total) $562,000      Manufacturing costs:     Direct materials cost per unit $18        Direct labor cost per unit $9        Variable manufacturing overhead cost per unit $4        Fixed manufacturing overhead cost (total) $980,000   

Explanation / Answer

Hi,

Please find the answer as follows:

Part A:

Unit Product Cost = 18 + 9 + 4 + 980000/49000 = 51 Per Unit

Part B:

Thanks.

Sales 3564000 Cost of Goods Sold 2244000 Gross Profit 1320000 Selling and administrative Expenses 650000 Net Operating Income 670000

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