Exercise Inc. started business in December. The company makes an exercise bike.

Following is information from the accounting records for the first month of business:

(Note can you answer #1 & #5)

Beginning raw material inventory	0
Direct material purchased on account	$500,000
Direct material issued to production	450,000
Direct labor payroll accrued	125,000
Indirect labor payroll paid	20,000
Factory insurance expired	5,000
Factory utilities paid	14,000
Factory Depreciation recorded	20,000
Beginning Work in process inventory	-
Ending Work in process inventory	51,000
Beginning Finished goods inventory	-
Sales on account	800,000
Selling and Administrative Expenses	50,000
Ending finished goods inventory in units	30
Sales price per unit	$ 500

1. How many units did the company sell in December?

2. Prepare a schedule of cost of goods manufactured in good form for December.

3. How many units were completed in December?

4. What was the per-unit cost of goods manufactured for the month?

5. Prepare an income statement in good form for December.