Ceriweden,Inc There Are No Beginning Inventories

question 70

Essay

Ceriweden,Inc.has provided the following financial data for the year:
$$\begin{array} { | l | r | l | } \hline \text { Units produced and sold } & 3,500 & \text { units } \\\hline \text { Sales price } & \$ 220 & \text { per unit } \\\hline \text { Direct materials } & \$ 25 & \text { per unit } \\\hline \text { Direct labor } & \$ 45 & \text { per unit } \\\hline \text { Variable manufacturing overhead } & \$ 30 & \text { per unit } \\\hline \text { Variable selling and administrative costs } & \$ 20 & \text { per unit } \\\hline \text { Fixed manufacturing overhead } & \$ 105,000 & \text { per year } \\\hline \text { Fixed selling and administrative costs } & \$ 140,000 & \text { per year } \\\hline\end{array}$$ There are no beginning inventories.Prepare an income statement for the year using the traditional format.

---

Definitions:

Internal Intercostals

Muscles located between the ribs that assist with respiratory movements, particularly forced exhalation.

Rectus Femoris

One of the four quadriceps muscles of the thigh, playing a crucial role in knee extension and hip flexion.

Muscle Shape

Refers to the physical form or structure of muscles, which varies depending on their location and function in the body.

Pennate

Referring to a type of muscle fiber arrangement that resembles a feather, in which the fascicles attach obliquely to a central tendon.