JPMorgan Chase & Co. has provided the following data for the fiscal year 2023:

• Direct Materials Used: $20,000,000
• Direct Labor: $13,000,000
• Manufacturing Overhead: $12,000,000
• Sales: $140,000,000
• Selling Expenses: $6,000,000
• Administrative Expenses: $5,500,000
• Beginning Work in Process Inventory: $1,200,000
• Ending Work in Process Inventory: $1,300,000
• Beginning Finished Goods Inventory: $5,500,000
• Ending Finished Goods Inventory: $5,600,000

Requirements:

1. Calculate the total manufacturing cost.
2. Compute the cost of goods manufactured.
3. Determine the cost of goods sold.
4. Prepare an income statement for the year 2023.

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XYZ Corp. produces three types of widgets: A, B, and C. The following data is provided for the current financial year:

• Product A: Sales Units - 300,000, Sales Price per Unit - $50, Variable Cost per Unit - $30, Fixed Cost - $5,000,000
• Product B: Sales Units - 200,000, Sales Price per Unit - $75, Variable Cost per Unit - $50, Fixed Cost - $6,000,000
• Product C: Sales Units - 100,000, Sales Price per Unit - $100, Variable Cost per Unit - $70, Fixed Cost - $7,000,000 Requirements:
• Prepare the Income Statement for each product line.
• Calculate the Contribution Margin for each product.
• Determine the Break-Even Point in units for each product.
• Assess the profitability of the company.

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1.