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Baker Company provides the following information for their first year of operations in 2018:
Sales, 9,000 units @ $20 each
Total production, 13,000 units
Production costs per unit:
Direct materials $4.00
Direct labor $3.00
Variable overhead $1.00
Fixed manufacturing overhead $7,000
Problem 1: Baker Company uses absorption costing. Use this information to determine for Baker Company the FY 2018 Cost of Goods Sold. (Round & enter final answer to the nearest whole dollar)
Determine participation in net income of $37,500 if income is divided (a) in the ratio of capital investments; (b) in the ratio of time worked.
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