Reference no: EM132594377
Question - Miao Manufacturing, which began operations on January 1 of the current year, produces an industrial scraper that sells for $365 per unit. Information related to the current year's activities follows.
Number of scrapers produced 30,000
Number of scrapers sold 26,000
Variable costs per unit:
Direct materials$25
Direct labor 35
Manufacturing overhead 70
Annual fixed costs:
Manufacturing overhead$450,000
Selling and administrative 190,000
Miao carries its finished-goods inventory at the average unit cost of production. There was no work in process at year-end.
Required -
A. Compute the company's average unit cost of production.
B. Determine the cost of the December 31 finished-goods inventory.
C. Compute the company's cost of goods sold.
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