1. Given for Flexible Products, Inc.:
The following "T" A/C's show December 31, 2001 ending balances:
Work-in-process $41,000 Finishedproduct $ 148,000
January 31, 2002 balances are:
Work-in-Process (WIP) $ 47,000 (dr.)
Finished Goods (F/G) 152,000 (dr.)
A. Based on the above information, what was the Cost Of Goods Manufactured? $ _________
B. Cost of Goods Available for Sale was $225,000 and Beginning Finished Gds Inventory was $25,000.
If 40,000 units were produced, what was the unit cost of production ? (independent from A. above) $ _________
This solution provides calculations with involving income statements.