Please see problem attached.
See the attached file. The formatting here many not be correct. Thanks
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
Absorption Costing is depicted.