Calculate the number and the dollar value of walking shoes

Reference no: EM13901156

PRIME COST, CONVERSION COST, PREPARATION OF INCOME STATEMENT: MANUFACTURING FIRM

Roundabout Shoe Company makes walking shoes. During the past calendar year, a total of 90,000 pairs of shoes were made, and 89,000 were sold for $54.00 per pair. The actual unit cost per pair of shoes is as follows:

Direct Materials	$ 13.20
Direct Labor	5.80
Variable Overhead	3.50
Fixed overhead	16.75
Total unit cost	$39.25

The selling expenses consisted of a commission of $2.70 per pair sold and advertising copayments totalling $236,000. Administrative expenses, all fixed, equalled $183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $235,500 for 6,000 pairs of shoes.

Required:

1. Calculate the number and the dollar value of walking shoes in ending finished goods inventory.

2. Prepare a cost of goods sold statement.

3. Prepare an absorption-costing income statement.

Reference no: EM13901156

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