Tampa Foundry began operations during the present year, manufacturing several products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows.

Per Unit               Variable Cost     Fixed Cost

Direct materials     $4.50                    $ -
Direct labor            6.5                       -
Factory overhead     9                    50,000
Selling                    -                     70,000
Administrative         -                     135,000
    

Production and sales totaled 20,000 rolls and 17,000 rolls, however There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production.

Instructions:
a.    Verify the cost of the finished goods inventory of light-gauge aluminum.
b.    List an income statement for the present year ended December 31