Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 26,000 easels were made, and 27,000 were sold for $56 each. The actual unit cost is as follows: Direct materials $14.00 Direct labor 4.00 Variable overhead 9.00 Fixed overhead 15.00 Total unit cost $42.00 The selling expenses consisted of a commission of $1.00 per unit sold and advertising co-payments totaling $95,000. Administrative expenses, all fixed, equaled $180,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $168,000 for 4,000 easels. Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory. Ending units Dollar amount 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 Less: Ending finished goods inventory Cost of goods sold LA +A LA 3. Prepare an absorption-costing income statement. In addition to dollar amounts, enter the amounts as a percent, rounded to two decimal places. For example, .5235 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 Sales Cost of goods sold Gross margin Less operating expenses: Commissions Advertising co-pays Administrative expenses Operating income Percent % % % % %