Refer to the information for Concord, Inc.

Requirements

1. Using absorption costing, calculate the unit product cost.

2. Prepare an income statement using the traditional format.

Use the following information for Exercises

Concord, Inc. has collected the following data for November (there are no beginning inventories):

Units produced and sold ............................ 500 units

Sales price ........................................ $ 450 per unit

Direct materials .................................... 64 per unit

Direct labor ......................................... 68 per unit

Variable manufacturing overhead .............. 26 per unit

Fixed manufacturing overhead ........... 7,500 per month

Variable selling and administrative costs ...... 15 per unit

Fixed selling and administrative costs ... 4,400 per month