Manufacturing Inventories Oddsen Ends Manufacturing Company started business at the end of May by renting a factory building for $3,000 per month and renting all of its equipment for $7,000 per month. The company also purchased

$15,000 of raw materials. During June, its first month of operations, Oddsen Ends used $9,000 of raw materials to produce its product and paid production workers $20,000. Utility costs for the factory were $2,500 for June. During June, the company produced a total of 2,000 units of finished product and sold 800 units for $75 each. No work was in process at the end of the period. The company paid outside sales representatives a 12 percent commission on each unit sold. Administrative costs for the company as a whole totaled $14,500 for June.

a. Compute the dollar amount of raw materials inventory and finished goods inventory on hand at the end of June.

b. Prepare an income statement for June for Oddsen Ends.