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    Accounting and Income Statements

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    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.)

    The Income Statement showed Sales of 309,000 and Gross Margin of 205,000.

    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) $ _________

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    Solution Summary

    This solution provides calculations with involving income statements.