The Data Given Below Pertains to the Operations of the Newton

question 16

Essay

The data given below pertains to the operations of the Newton Products Corporation for the year ended December 31, 2013 $\begin{array} { l r } \text { Sales: } & 3,400 \text { units at } \$ 55 \text { a unit } \\\text { Variable manufacturing costs: } & 3,200 \text { units at } \$ 25 \text { a unit } \\\text { Variable selling and admin. expenses: } & \$ 5 \text { a unit } \\\text { Fixed manufacturing costs: } & \$ 24,000 \\\text { Fixed selling and admin. expenses: } & \$ 16,000 \\\text { Finished goods inventory, Jan. 1, 2013: } & 500 \text { units } \\\text { Finished goods inventory, December 31, } & 600 \text { units }\end{array}$
-Based on the information given prepare an income statement for the year using the absorption costing approach. Assume that the beginning finished goods inventory had a cost of $35 per unit.

---

Definitions:

Unionization

The act of forming or joining a union, where workers collectively organize to negotiate wages, hours, benefits, and other working conditions.

Socialist Movement

A political and social movement advocating for public or collective ownership and administration of the means of production and distribution of goods.

Employer Resistance

The opposition from employers to union formation, labor demands, or changes in workplace policies that are perceived as unfavorable.

Collective Bargaining

A formal negotiation process where employers and employees' representatives aim to reach agreement on various aspects of employment terms.