PLEASE SHOW YOUR CALCULATIONS FOR ALL:

B. Compute the average per-unit cost of production during the current year. (Round unit cost to the nearest whole dollar.)

C. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. (Use the unit cost computed in Required B.)

D. Compute the cost of the inventory of finished goods at December 31 of the current year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. (Use the unit cost computed in Required B.)

The accounting records of Idaho Paper Company include the following information relating to the current year. Dec. 31 Jan. 1 Materials inventory Work in process inventory Finished goods inventory, Jan. 1 $ 20,000 25,000 37,500 40,000 (10,000 units $21 per unit) 210,000 Purchases of direct materials during year Direct labor costs assigned to production Manufacturing overhead 330,000 375,000 637,500 The company manufactures a single product; during the current year, 45,000 units were manufactured and 40,000 units were sold. Required: a. Prepare a schedule of the cost of finished goods manufactured for the current year. b. Compute the average per-unit cost of production during the current year c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. d. Compute the cost of the inventory of finished goods at December 31 of the current year, assuming that the FIFO (first-in, first-out) method of inventory costing is used