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Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the mpany's production, sales and cost records for the
Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the mpany's production, sales and cost records for the just completed year 31.000 $ 650,000 Production in units Sales in units Ending finished goods Inventory in units Sales in dollars Costs Director Raw materials purchased Manufacturing overhead Selling and administrative expenses $ 79,500 $ 100 200 $ 212,300 $ 221 800 Beginning of Year End of Year Inventor Raw materials Work in process Finished goods $ 21,000 $30.000 $ 0 $10,000 $40.000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $25 per unit. Requirement 1: Prepare a schedule of cost of goods manufactured for the year (input all amounts as positive values Omit the sign in your response.) Visi Corporation Schedule of Cost of Goods Manufactured Direct materials: Click to select (Click to select) Click to select) (Click to select Click to solot) Click to select) Click to elect (Cick to volct) (Click to select) Total manufacturing costs (Click to select) (Cick to select) (Cick to select) (Click to select) Cost of goods manufactured Requirement 2: Compute the following: (a) The number of units in the finished goods inventory at the end of the year Finished goods inventory (b) The cost of the units in the finished goods inventory at the end of the year. (Do not round Average production cost per unit and round final answer to the nearest whole dollar amount. Omit the "sign in your response.) Finished goods Inventory S Requirement 3: Prepare an income statement for the year. (Input all amounts as positive values. Leave no cells blank be certain to enter wherever required. Do not round Average production cost per unit and round final answer to the nearest whole dollar amount Omit the sign in your response.) Visic Corporation Income Statement Click to select) (Click to select) Cost of goods sold: (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select)
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