Reference no: EM132489138
Academia Sporting Goods, is a manufacturer or work out apparel for professors who need to get back in shape. Academia incurred the following costs during the year:
Cost of raw materials 12,000,000
Direct labor conversion costs 25,000,000
Production overheads 5,000,000
Freight charges of raw materials 2,000,000
Storage costs for finished good 800,000
Abnormal wastage 80,000
Administrative overhead 100,000
Given there is no work in progress inventory at year end:
Question 1) What costs are capitalized to inventory?
Question 2) What costs are expensed to the income statement?
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