The accounting records of the Cedar 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. 3 Jan. 1 Ainished goods Inventory, Jan. 1(8,000 units @ $21.50 per unit) Purchases of direct materials during year . . . . . . .. _ . . . . ...310,000 172,000 410,000