Isphase,Inc There Are No Beginning Inventories

question 184

Essay

Isphase,Inc.has provided the following financial data for the year ended December 31,2017:
$$\begin{array} { | l | r | l|} \hline \text { Units produced and sold } & 3,500& \text { units } \\\hline \text { Sales price } & \$ 220 &\text { per unit } \\\hline \text { Direct materials } & \$ 25& \text { per unit } \\\hline \text { Direct labor } & \$ 45 &\text { per unit } \\\hline \text { Variable manufacturing overhead } & \$ 30 &\text { per unit } \\\hline \text { Variable selling and administrative costs } & \$ 20 &\text { per unit } \\\hline \text { Fixed manufacturing overhead } & \$ 105,000 &\text { per year } \\\hline \text { Fixed selling and administrative costs } & \$ 140,000 &\text { per year } \\\hline\end{array}$$ There are no beginning inventories.Prepare an income statement for the year using the traditional format.

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Definitions:

Chi-squared Test

An analytical procedure utilized to check for a significant connection between two variables that are categorized.

Categories

Distinct groups or classifications into which data or objects can be organized.

Normal Distribution

A bell-shaped frequency distribution curve that is symmetric about the mean, showing that data near the mean are more frequent in occurrence.

Goodness-of-fit Test

A statistical test used to determine if a set of observed frequencies differs significantly from the expected frequencies.