Required o. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Prenare a exhedate of rost of nenals manefartured and knid Prepare a schedule of cost of goods manufactured and sold. Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs belov Calculate the amount of gross margin on the income statement. Finch Manufacturing Company was started on January 1, Year 1, when it acquired $82,000 cash by issuing common stock. Finch immediately purchased office furniture and manufacturing equipment costing $9,800 and $33,100, respectively. The office furniture had an eight-year useful lite and a zero salvage value. The manufacturing equipment had a $3,900 salvage value and an expected useful life of four years. The company paid $11,800 for salaries of administrative personnel and $15,900 for wages to production personnel. Finally, the company paid $11,630 for raw materials that were used to make inventory. All inventory was started and completed during the year. Finch completed production on 4,300 units of product and sold 3,360 units at a price of $15 each in Year 1 (Assume that all transactions are cash transactions and that product costs are computed in accordance with GMAP) Required o. Determine the total product cost and the average cost per unit of the inventory produced in Year 1 . (Round "Average cost per unit" to 2 decimal places.) b. Determine the amount of cost of goods sold that would appear on the Year 1 income statement. (Do not round intermediote colculations.) c. Determine the amount of the ending inventory balance that would appear on the December 31. Year 1, balance sheet. (Do not round intermediate calculations.) d. Determine the amount of net income that would appear on the Year 1 income statement. (Round your answer to the nearest dollar omount.) e. Determine the amount of retained earnings that would appoar on the December 31, Year 1 , balance sheet. (Round your answer to the neorest dollor omount.) f. Determine the amount of total assets that would appeat on the Decenber 31 Year 1 . balance shioet. (Round your answer to the nearest doller amount.) a. Determine the total product cost and the average cost per unit of the inv to 2 decimal places.) b. Determine the amount of cost of goods sold that would appear on the Ye calculations.) c. Determine the amount of the ending inventory balance that would appea intermediate calculations.) d. Determine the amount of net income that would appear on the Year 1 incc amount.) e. Determine the amount of retained earnings that would appear on the Dec the nearest dollar amount.) f. Determine the amount of total assets that would appear on the December nearest dollar amount.)
