Cost Flow and the Income Statement

Retro Pop Inc. is in the business of developing, promoting, and selling musical talent online and with records. The company signed a new group, called Sweet Sadie, on January $1,20$Y$8.$ For the first six months of $20$Y$8,$ the company spent $$2,106,000$ on a media campaign for Sweet Sadie and $$632,000$ in legal costs. The record production began on April $1,20$Y$8.$Retro Pop uses a job order cost system to accumulate costs associated with a record title. The unit direct materials cost for the record is:

$1,680$ records per hour.

shipping costs average $$0\mathrm{.}20$ per record.

Total completed production was $702,000$ records during the year. Other information is as follows:

Number of customers $($music stores$)$

Number of records sold

Wholesale price $($to music store$)$ per record

$$12$

December $31,20Y8.$

required.

RETRO POP INC.

SWEET SADIE RECORD

For the Year Ended December $31,20Y8$

unit costs to the nearest cent.

Finished Goods balance, December $31,20$ Y$8$ $

Work in Process balance, December $31,20$ Y$8$ s