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Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels were made, and 31,000 were sold at $52 each. The...
Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels were made, and 31,000 were sold at $52 each. The actual unit cost is as follows:
Direct Materials $14.70
Direct Labor 5.80
Variable Overhead 3.25
Fixed Overhead 15.25
Total Unit Cost $39.00
The selling expenses consist of a commission of $1.30 per unit sold and advertising copayments totaling $95,000. Administrative expeses, all fixed, equaled $183,000. There were no beginning and ending work-in-progress inventories. Beginning finished goods inventory was $132,600 for 3,400 easels.
Required:
1. Calculate the number and the dollar value of easelsin ending and finished goods inventory.
2. Prepare a cost of goods sold statement.
3. Prepare an absorption-costing income statement. Add a column for percentage of sales.
