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Determine the selling price and product cost
Question 1: Unit sales by quarter (for 2020) are projected as follows: First-quarter 60 000 Second quarter 75 000 Third-quarter 80 000 Fourth-quarter 95 000 It is expected the sales of the first and second quarter of 2021 will be the same as the fourth quarter of 2020. The selling price is $950 per unit. 50% of sales are cash sales, and 50% are credit sales. Mayson collected 60% of credit sales in the first quarter after the sales, 35% in the following quarter. Allowance for doubtful debts is 5% of credit sales. The ending finished good inventory is 20% of the following quarter sales. Last year, the selling price and product cost/ unit were $900 and $750 respectively. Mayson uses FIFO inventory costing method.
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