50.1K

Verified Solution

Link Copied!

Please help

r Flow of Costs and Income Statement consumer electronic products. Early in 20Y3, the company began production of a a velvet interior and fits snugly around most tablet computers. In January. Technology Accessories Inc. i leather cover for tablet computers, called the iLeather. The cover is made of stitched leather with $758,000 was spent on developing marketing and advertising The product was ready for manufacture on January 21, 20Y3. is a designer, manufacturer, and distributor of accessories for materials. For the first six months of 20Y3, the company spent an additional $1,406,000 promoting the iLeathe Accessories Inc uses a yob order cost system to accumulate costs for the Lleather: Direct materials unit costs for the ILeather are as $10.00 5.00 0.40 15.40 Leather Velvet Packaging Total The actual production process for the iLeather is fairly straightforward. First, leather is brought to a cuting er is brought to a cutting and stitching machine. The machine cuts the leather and stitches an exterior edge into the product. The machine requires one hour per 120 Leathers After the ILeather is cut and stitched, it is brought to assembly, where assembly personnel this work is $0.50 per unit. affix the velvet interior and pack the iLeather for shipping. The direct labor cost for 20% commission on the wholesale price for a" sales. The completed packages are then sold to retail outlets through a sales force. The sales force is compensated by a Total completed production was 550,000 units aring the year. Other information is as follows 510,000 $40 Number of ileather units sold in 20Y3 Wholesale price per unit Factory overhead cost is applied to jobs at the rate of $1,200 per December 31, 2093 machine hour. There were an addtional 22,000 cut and stitched Leathers waiting to be assembled on were an In your computations, i f required, round interim per unit costs to two decimal places and final answers to the nearest whole dolan Required Previous Next 10 more Check My Work uses remaining equired: 1. Prepare an annual income statement for the iLeather product Technology Accessories Inc. Income Statement For the Year Ended December 31, 20Y3 Selling Expenses: Total Selling Expenses Determine the balances in the finished goods and work in process inventories for the ileather product on December 31, 20Y3. Finished Goods Work in Process Check My Work 10 more Check My Work uses remaining

Answer & Explanation Solved by verified expert

See Answer