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Factory overhead cost is applied to jobs at the rate of $1,300 per machine hour....

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Accounting

Factory overhead cost is applied to jobs at the rate of $1,300 per machine hour. There were an additional 22,000 cut and stitched iLeathers waiting to be assembled on December 31,20Y3.
In your computations, if required, round interim per unit costs to two decimal places and final answers to the nearest whole dollar.
Required:
Question Content Area
1. Prepare an annual income statement for the iLeather product.
Technology Accessories Inc.
Income Statement
For the Year Ended December 31,20Y3
Line Item Description Amount Amount
Sales
$Sales
20,400,000
Cost of Goods Sold
Cost of Goods Sold
Gross Profit
$Gross Profit
Selling Expenses:
Salespersons Commissions
$Salespersons Commissions
4,080,000
Advertising Design
Advertising Design
754,000
Advertising Expenses
Advertising Expenses
1,410,000
Total Selling Expenses Total Selling Expenses
6,244,000
Operating Income
$Operating Income Determine the balances in the finished goods and work in process inventories for the iLeather product on December 31,20Y3.
Line Item Description Amount
Finished Goods fill in the blank 1 of 2$
Work in Process fill in the blank 2 of 2$

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