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Tiffany's Tiles produces and sells various types of ceramic tiles. The business began operations on January 1, 2001 and its costs incurred during the year

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Tiffany's Tiles produces and sells various types of ceramic tiles. The business began operations on January 1, 2001 and its costs incurred during the year include the following. On December 31, 2001, raw materials inventory consisted of 3, 750 pounds of material. Production in that year was 20,000 tiles. All prices and unit variable costs remained constant during the year. Sales revenue for the year was $73, 312. Finished goods inventory was $6, 105 on December 31, 2001. Each finished tile requires 0.4 pounds of material. Required: Prepare the schedules or financial statements needed to compute the following: a. Raw materials inventory at December 31, 2001. b. Finished goods ending inventory in units on December 31, 2001. c. Selling price per unit. d. Operating profit for 2001

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