Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 24,000 easels were made, ond 25,000 were sold for $60 each. The actual unit cost is as follows: $14.00 6.00 Direct materials Direct labor Variable overhead 11.00 Fixed overhead Total unit cost 14.00 $45.00 The selling expenses consisted of a commission of $1.20 per unit sold and advertising co-payments totaling $91,000. Administrative expenses, all fixed, equaled $179,500. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $112,500 for 2,500 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