Reference no: EM133128253

Question - Taft Corporation sells a number of products to groups that provide educational workshops and seminars. One of the products involves a combination leather case and note pad. The company purchases the case and pad combination from a supplier and encloses a $3 pen that contains the educational groups' name and logo.

Taft began to carry this product at the start of 2020 by acquiring 12,500 cases from Executive Supply for $87,500 along with an identical number of pens from Accent Goods. During 2020, 9,500 of the cases and pens were issued to Taft's assembly operation where the pen is added. Eighty percent of these cases were completed as of December 31, and a review of the December 31 finished-goods inventory found 2,600 completed cases in the warehouse. Conversations with salespeople revealed that 70 finished sets were used in various company marketing activities throughout the year.

Required - Determine the following:

1. Cost per unit of the leather case with notes pads only.

2. Cost per unit of the total product package (leather case, note pads and pens).

3. Amount of Raw Materials Inventory as of December 31.

4. Amount of Work in Process Inventory as of December 31.

5. Amount of Finished-Goods Inventory as of December 31.