The April gross profit of $90.00 is 45 percent of April sales. The cost of goods sold of $110 is 55 percent of April sales. Questions (b) $ 47.50 36.00 $ 47.50 36.00 Cost of goods sold: Materials (95% of $50.00) Labor (120% of $30.00) Factory overhead: (a) (100% of $36.00) (b) Fixed costs Variable costs of $36.00)* Total cost (55% of sales price) 36,00 10.00 24.00 h3 $119.50 $117.50 Sales price: (a) $119.50 + 55% (b) $117.50 -55% $217.27 $213.64 $214.00 $217.00 *Variable overhead: $30 total overhead - 10 fixed overhead $ 20 variable overhead $20-$30 or of total labor is variable overhead = x 536 = $24 2.16 The Shim Refrigerator Co. shows the following records for the period ended December 31, 19A: $ 550,000 Materials purchased Inventories, Jan. 1. 19A: Materials Work-in-process Finished goods Direct labor Factory overhead (40% variable) Selling expenses (all fixed) General and administrative (all fixed) Sales (7,500 units at $535) Inventories, Dec. 31. 19A: Materials Work-in-process Finished goods $ 20,000 $ 200,000 1.000 units $1,050,000 $ 750,000 $ 500.750 $385,230 $ 50,000 $ 100,000 1.000 units Assume that finished goods inventories are valued at the current unit manufacturing cost. 1. Prepare a schedule of cost of goods manufactured. 2. Find the number of units manufactured and unit manufacturing cost. 3. Prepare an income statement for the period. 4. Find the total variable and fixed costs