Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year.

Production in units .......................................................... 29,000

Sales in units ........................................................................... ?

Ending finished goods inventory in units ............................... ?

Sales in dollars ......................................................... $1,300,000

Costs:

Direct labor ................................................................ $90,000

Raw materials purchased ....................................... $480,000

Manufacturing overhead ......................................... $300,000

Selling and administrative expenses ...................... $380,000

............................Beginning of the Year............. End of the Year

Inventories:

Raw materials .................................... $20,000 .......................$30,000

Work in process ................................. $50,000....................... $40,000

Finished goods ............................................ $0 ...............................?

The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit.

Required:

1. Prepare a schedule of cost of goods manufactured for the year.

2. Compute the following:

a. The number of units in the finished goods inventory at the end of the year.

b. The cost of the units in the finished goods inventory at the end of the year.

3. Prepare an income statement for the year.