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# Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists....

## Question

###### Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists....

Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 21,000 easels were made, and 22,000 were sold for \$60 each. The actual unit cost is as follows: Direct materials \$15.00 5.00 Direct labor Variable overhead 9.00 Fixed overhead 16.00 Total unit cost \$45.00 The selling expenses consisted of a commission of \$1.20 per unit sold and advertising co-payments totaling \$95,000. Administrative expenses, all fixed, equaled \$179,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was \$112,500 for 2,500 easels Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory. Ending units Dollar amount
2. Prepare a cost of goods sold statement. Kildeer Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods sold
3. Prepare an absorption-costing income statement. In addition to dollar amounts, enter the amounts as a percent, rounded to two decimal places. For example, 5235 would be 52.35% and you would enter 52.35 as your answer. Kildeer Company Income Statement: Absorption Costing For the Year Ended December 31 Less operating expenses:

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