$1.80 eBook Flow of Costs and Income Statement Ginocera Inc. is a designer, manufacturer, and distributor of low cost, high quality stainless steel kitchen knives. A new kitchen knife series called the Kitchen Ninja w released for production in early 2018, In tanunry, the company spent $886,800 to develop a lite night advertising infomercial for the new product. During 20Y8, the company spent $2,069,200 advertising the product through these informercials. In addition, the company incurred $887,000 in legal costs. The knives were ready for manufacture on January 1, 2018, Ginocer les a job order cost system to accumulate costs associated with the kitchen knife. The unit direct materials cost for the knife is as follows: Hardened steel blanke (used for knite statt and blade) Wood (for handle 0.60 Packaging The production process is straightforward. First, the hardened steel blanks, which are purchased directly from a raw material supplies, are stamped into a single piece of metal that includes both the blade and the shaft. The stamping machine requires one hour per 1,500 knives. After the knife shafts are stamped, they are brought to an assembly area where an employee attaches the handle to the shaft and packs the knife in a decorative box direct labor cost is $0,25 per unit The knives are sold to stores, tech store is given promotional materials such as posters and wishe displays. Promotional materials cost $40 per store. In addition, she costs average $0.5 per nie Total completed production was 730,000 units during the your Other information is as follows Number of customers stores) 31/400 Number of lines sold 628,200 Wholesale price to store) 0.60 510 direct labor cost is $0.25 per unit The knives are sold to stores. Each store in given promotional materials such as posters and siste display. Promotional materials cout 540 per store. In addition, shipping costs average 50.25 per knife Total completed production was 239,000 unies during the year. Other information is as follows: Number of customers (stores) 31.400 Number of knives told 628,200 Wholesale price (to store) per knife Factory overhead cost w applied to jobs at the rate of 5900 per stamping machine hour after the knife blanks are stamped. There were an additional 184,750 stamped noves, handles, and comes winting to be assembled on December 31, 2018 to your computations required, counter per unit costs to two decamal places Required $10 1. Prepare an annual income statement for the kitchen ne se Ginocera Inc Income Statement For the Year Ended December 31, 2011 Cost of goods sold Grosso Selling expens Infomercial campaign eBook Flow of costs and income Statement Ginocera Inca deget, manufacturer and distributor of low cost, wh-quality stainless steel kitchen we. A new kitchenne en called the Kitchen Ninja was cleaned for production in daty 2018. In January, the company spent 5630, 800 to develop a late night advertung intomercial for the new product. During 2078, the company noont 52,069,200 advertising the product through these intomerous, in addition, the company incurred $887,000 in begut conts. The krwos were ready for manufacture on January 1, 2018 Ginocer uses a job order cont system to commutate costs associated wah the kitchen knife. The unit direct materials cost for the knife is as follows Hardened steel books used for it Stand blade) Wood for handle 0.60 Pracao The production process is howards the hardened steel banks, which are purchased rectly from raw material per stamped angle of metal that includes both the blade and the shaft. The samping machines one hour 1,800 vs the knife shots att stamped, they are brought to an assembly as where employee attaches the handle to the shaft wid pads the killed in a decorative box the labor con 50 2t Tu nuwe west to stores, Cacharelui prve pomotional materials such as posters and we display promotional materias con sus per store baddon, shipping cost 35kn Tanted to was 755,000 units during the year Other information show 31.400 0.00 Total completed production was 739,000 units during the year Other information is as follows: Number of customers (stores) 31,400 Number of knives sold 628,200 Wholesale price (to store) per knite $16 Factory overhead cont is applied to jobs at the rate of $900 per stamping machine hour after the knife blocks are stumped. Thiere were an additionat 184,750 stumper knives, handles, and cases waiting to be assembled on December 31, 2076 in your computations, if required, cound interim per unit costs to two decimal places Required: 1. Prepare an annual income statement for the kitchen Ninja knife screts Ginocera Inc. Income Statement For the Year Ended December 31, 2018 Sales Cost of goods sold Co proti Selling expenses Infomercial campaign Promotional materials Shipping expenses 9 Total hing expenses 0 Cluick My Work eBook 1. Prepare an annual income statement for the kitchen Ninja knife series. Ginocera Inc. Income Statement For the Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Selling expenses Infomercial campaign Promotional materials DU Shipping expenses * Total selling expenses Administrative expenses: Legal expenses - Total operating expenses Income from operations 2. Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife series on December 2015 Finished Goods Work in proces Check My Work