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The Ningbo Fortune Company produces custom-made linens for the hospitality industry. During the month of June, the company purchased 15,200 bolts of spun polyester fabric at the cost of $155 per bolt. Ningbo withdrew 12,300 bolts from the storeroom during the month. Of these, 100 were used as customer samples and swatches for promotional purposes. The remaining 12,200 bolts of polyester withdrawn from the storeroom were used in the production of custom-made table and bed linens. Of the linens produced in June. 80% were completed and transferred from work in process to finished goods. Of the linens completed during the month, 25% were unsold at June 30. There were no inventories of any type on June 1.
problem 1: Determine the cost of bolts of polyester
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