Reference no: EM133123757

Question - Assume you are starting a new business involving the manufacture and sale of a new product. Raw materials costs are $40 per product. Direct labor costs are expected to be $30 per product. You expect to sell each product for $110. You plan to produce 100 products next month and expect to sell 90 products. During the 2nd month, you plan to produce 110 products, but expect sales in the second month to be 115 products. Calculate cost of production, cost of goods sold, and inventories shedules for the first and second month.