Tulsa Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2020 Click the icon to view the costs incurred during 2020) (Click the icon to view the inventory data) Revenues in 2020 were $555,000. The selling price per unit and the purchase price per pound of direct materials were stable throughout the year. The company's ending inventory of finished goods is carried at the average unit manufacturing cost for 2020. Finished-goods inventory at December 31, 2020, was $18,900. Read the requirements Requirement 1. Calculato direct materials inventory, total cost December 31, 2020 Determine tho formula, then calculate ending direct materials total cost. Ending direct materials total cost Requirement 2. Calculate finished-goods Inventory, total units, December 31, 2020 Before we calculate the units for ending finished goods, we will first calculate the total cost of goods manufactured. (If an input field is not used in the table, leave the input field empty, do not enter a zero.) Manufacturing costs for 120.000 units Variable Fixed Total Direct materials used Direct manufacturing labor costs Plant energy costs Indirect manufacturing labor costo Other indirect manufacturing costs Cost of goods manufactured Now select the labol used to calculate ending finished goods inventory in total units, then calculate the finished goods inventory in total units at December 31, 2020. (Round intermediary calculations to the nearest cent. Abbreviations used: DM direct materials, COG = cost of goods, End Ending) Ending finished goods - inventory in units Requirement 3. Calculate selling price in 2020. (Abbreviations used: DM - direct materials, COG = cost of goods.) Determine the formula to calculate selling price. Selling price (Enter your answer to the nearest cont) The 2020 seling price is Requirement 4. Calculate operating income for 2020 Begin preparing the income statement by selecting the labels in the appropriate order, then enter the amounts and calculate the operating income foss). (Use a parentheses or a minus sign for an operating foso. For amounts with a $0 balance, make sure to enter "o" in the appropriate coll. Complete all input folds.) Tulsa Office Equipment Income Statement For the Year Ended December 31, 2020 Der unit sin The 2020 selling price is per unit Requirement 4. Calculate operating income for 2020 Begin preparing the income statement by selecting the labels in the appropriate order, then enter the amounts and calculate the operating income/(los) (Use a parentheses or a minus sign for an operating loss. For amounts with a so balance, make sure to enter in the appropriate cell Complete alt input fields.) Tulsa Office Equipment Income Statement For the Year Ended December 31, 2020 Cost of goods sold Operating costs Operating income foss) curred during 2020.) (Click the icon to view the inventory data.) - - X Data Table Costs incurred for 2020 are as follows (V stands for variable; F stands for fixed): Direct materials used $144,000 V Direct manufacturing labor costs $46,500 V Plant energy costs $2,000 V Indirect manufacturing labor costs $13,000 V Indirect manufacturing labor costs $19.000 F Other indirect manufacturing costs $8,500 V Other indirect manufacturing costs $19,000 F Marketing, distribution, and customer-service costs $129,000 V Marketing, distribution, and customer-service costs $42,000 F Administrative costs $55,000 F Variable manufacturing costs are variable with respect to units produced. Variable marketing, distribution, and customer-service costs are variable with respect to units sold. Print Done - Data Table Inventory data are as follows: Beginning: January Ending: December 1, 2020 31, 2020 Direct materials OIb 1,800 lbs Work in process O units O units Finished goods O units ? units Production in 2020 was 120,000 units. Two pounds of direct materials are used to make one unit of finished product. ng it ng in hen SS. jelds Print Done ne Y
