Problems Saved Problem 2-40 Financial Statement Elements; Cost Behavior (LO 2-5, 2-6, 2-8) [The following information applies to the questions displayed below.] Mason Corporation began operations at the beginning of the current year. One of the compan refrigeration element, sells for $185 per unit. Information related to the current year's activities Variable costs per unit: Direct material Direct labor Manufacturing overhead Annual fixed costs: Manufacturing overhead Selling and administrative Production and sales activity: Production (units) Sales (units) $600,000 860, eee 24, eee 20,000 Mason carries its finished-goods inventory at the average unit cost of production and is subject to income tax rate. There was no work in process at year-end. Problem 2-40 Part 1 Problems i Saved $ 600,000 860,000 Manufacturing overhead Selling and administrative Production and sales activity: Production (units) Sales (units) 24,000 20,000 Mason carries its finished-goods inventory at the average unit cost of income tax rate. There was no work in process at year-end. Problem 2-40 Part 1 Required: 1. Determine the cost of the December 31 finished-goods inventory. Cost of finished-goods inventory Required information Problem 2-40 Financial Statement Elements; Cost Behavior (LO 2-5, 2-6, 2-8) [The following information applies to the questions displayed below.) Mason Corporation began operations at the beginning of the current year. One of the company's products, refrigeration element, sells for $185 per unit. Information related to the current year's activities follows. 46 Variable costs per unit: Direct material Direct labor Manufacturing overhead Annual fixed costs: Manufacturing overhead Selling and administrative Production and sales activity: Production (units) Sales (units) $600, eee 860, eee 24, eee 2e, eee Mason carries its finished-goods inventory at the average unit cost of production and is subject to a 30 percent income tax rate. There was no work in process at year-end - Problems 0 Saved Annual fixed costs: Manufacturing overhead Selling and administrative Production and sales activity: Production (units) Sales (units) $600,000 860,000 24,000 20,000 Mason carries its finished-goods inventory at the average unit cost of production and is subjec income tax rate. There was no work in process at year-end. Problem 2-40 Part 2 2. Compute Mason's net income for the current year ended December 31. Net income