During 2015,Fly High Corporation Incurred Manufacturing Expenses of $200,000 to Produce

question 99

Essay

During 2015,Fly High Corporation incurred manufacturing expenses of $200,000 to produce 40,000 finished units.It was determined that 35,000 units were sold by November end while 5,000 units remained in ending inventory.The storage cost for December is $0.5 per unit.
Required:
a.What is the cost of producing one unit?
b.What is the amount that will be reported on the income statement for cost of goods sold?
c.What is the cost incurred for storing the inventory?

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