The accounting records of Maine Products Company include the following information relating to the current year:

The company manufactures a single product; during the current year, 60,000 units were manufactured and 50,000 units were sold.

Instructions
a. Prepare a schedule of the cost of finished goods manufactured for the current year. (Show a supporting computation of the cost of direct materials used during the year.)
b. Compute the average per-unit cost of production during the current year.
c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first out) method of inventory costing is used.
d. Compute the cost of the inventory of finished goods at December 31 of the current year, assuming that the FIFO (first-in, first-out) method of inventory costing is used.

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Dec. 31 Jan. 1 . -- - .. S 22,000 S 30,000 :. 39,000 39,000 176,000 Materials inventory Work in process inventory Finished goods inventory, Jan. 1 (8,000 units $22 per unit) Purchases of direct materials during year Direct labor costs assigned to production Manufacturing overhead assigned to production. . . 290,000 .350,000 . ...552,000