During 2011,Maryland Corporation Incurred Manufacturing Expenses of $15,000,000 to Produce

question 111

Essay

During 2011,Maryland Corporation incurred manufacturing expenses of $15,000,000 to produce 300,000 finished units.At year-end,it was determined that 250,000 units were sold while 25,000 units remained in ending inventory.
Required:
a.Compute the cost to produce one unit.
b.Compute the amount that will be reported on the income statement for cost of goods sold.
c.Compute the amount that will be reported on the balance sheet for ending inventory.

---

Definitions:

Vital Capacity

The maximum amount of air a person can expel from the lungs after a maximum inhalation.

Total Lung Capacity

The maximum volume of air that the lungs can hold.

Tracheostomy

Creation of an opening into the trachea through the neck.

Elastic Bandage

A stretchable bandage used to create localized pressure, commonly used to support sprains or strains by limiting movement and providing compression to the afflicted area.