Consider the following data of the Laimon Company for the year 1991: $7,000 Indirect labor 300,000...

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Consider the following data of the Laimon Company for the year 1991: $7,000 Indirect labor 300,000 Finished goods, 1/1 40,000 Finished good, 12/31 50,000 Work in process, 1/1 40,000 Work in process, 12/31 50,000 Property taxes on eqpt. 3,000 Direct materials purchased 60,000 Sales salaries 70,000 Administrative expenses Indirect materials Direct labor Direct materials, 1/1 Direct materials, 12/31 Depreciation-eqpt. Factory rent Fire insurance on eqpt. Sales Shipping expenses $110,000 150,000 ? 10,000 14,000 4,000 460,000 100,000 100,000 Finished goods inventory. Jan. 1: 600 units; Dec 31: 720 units, all from year 1991 production. Sold during the year: 4,180 units. The company uses FIFO method in costing its inventory. How many units will be left on the Finished Goods Inventory on Dec. 31? What is the unit cost of finished goods inventory on Dec 31? Prepare a detailed cost of goods manufactured and sold statement. Consider the following data of the Laimon Company for the year 1991: $7,000 Indirect labor 300,000 Finished goods, 1/1 40,000 Finished good, 12/31 50,000 Work in process, 1/1 40,000 Work in process, 12/31 50,000 Property taxes on eqpt. 3,000 Direct materials purchased 60,000 Sales salaries 70,000 Administrative expenses Indirect materials Direct labor Direct materials, 1/1 Direct materials, 12/31 Depreciation-eqpt. Factory rent Fire insurance on eqpt. Sales Shipping expenses $110,000 150,000 ? 10,000 14,000 4,000 460,000 100,000 100,000 Finished goods inventory. Jan. 1: 600 units; Dec 31: 720 units, all from year 1991 production. Sold during the year: 4,180 units. The company uses FIFO method in costing its inventory. How many units will be left on the Finished Goods Inventory on Dec. 31? What is the unit cost of finished goods inventory on Dec 31? Prepare a detailed cost of goods manufactured and sold statement.

Answer rating: 100% (QA)

a To determine the number of units left on the Finished Goods Inventory on Dec 31 we need to calculate the number of units produced in 1991 We can do ... View the full answer