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Required information (The following information applies to the questions displayed below.) Mason Corporation began operations at the beginning of the current year. One of the
Required information (The following information applies to the questions displayed below.) Mason Corporation began operations at the beginning of the current year. One of the company's products, a refrigeration element, sells for $185 per unit. Information related to the current year's activities follows. $ 15 46 Variable costs per unit: Direct material Direct labor Manufacturing overhead Annual fixed costs: Manufacturing overhead Selling and administrative Production and sales activity: Production (units) Sales (units) $600,000 860,000 24,000 20,000 Mason carries its finished goods inventory at the average unit cost of production and is subject to a 30 percent income tax rate. There was no work in process at year-end. Required: 1. Determine the cost of the December 31 finished goods inventory. Cost of finished goods inventory
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