Absorption Costing
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Morey Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below:
Morey CompanyIncome Statement
Sales (39,000 units at $41 per unit) $ 1,599,000
Cost of goods sold:
Beginning inventory $ 0
Add cost of goods manufactured(53,000 units at $24 per unit) 1,272,000
Goods available for sale 1,272,000
Less ending inventory (14,000 units at $24 per unit) 336,000 936,000
Gross ...
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