Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 33,000 easels were made, and 34,000 were sold for $50 each. The actual unit coitias follows: Direct materials $15.00 Direct labor 6.00 Variable overhead 10.00 Fixed overhead 14.00 Total unit cost 545.00 The selling expenses consisted of a commission of 50.90 per unit sold and advertising co-payments totaling $92,000. Administrative expenses, alloed, equaled $177,000. There were no beginning and ending work-in-process Inventories. Beginning finished goods inventory was $153,000 for 3,400 cases Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory Ending units Dollar amount Feedback Och My W Remember the cost of goods manufactured increases finished goods inventory 2. Prepare a cost of goods sold statement Kildeer Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured Add: Beginning finished goods inventory Cost of goods available for sale DODOO Less: Ending finished goods inventory Cost of goods sold 3. Prepare an absorption-costing income statement. In addition to dollar amounts would be 52.35% and you would enter 52.35 as your answer. Kildeer Company Income Statement: Absorption Costing For the Year Ended December 31 Percent Sales % Cost of goods sold % Gross margin % Less operating expenses: Commissions Advertising co-pays Administrative expenses % Operating income %