Reference no: EM133013185
Question - The accounting records of ABC, Inc., include the following information for the year ended December 31.
Dec. 31 Jan. 1
Inventory of materials $24,000 $20,000
Inventory of work in process 8,000 12,000
Inventory of finished goods 90,000 80,000
Direct materials used 210,000
Direct labor 125,000
Selling expenses 170,000
General and administrative expenses 140,000
Overhead assigned to production was $192,000.
a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are used in this schedule.)
b. Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?
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