Problem 2. Triangle Firm makes and markets squares. The firms cost structure is as follows:...
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Accounting
Problem 2. Triangle Firm makes and markets squares. The firms cost structure is as follows:
Manufacturing cost = $6.75 per unit + $88,400 per month.
Selling and administrative cost = $3.25 per unit + $39,500 per month
At the end of October, the firm has 2,300 units in inventory with a total cost of $35,857. During November, the firm produced 8,000 units and sold 6,000. The selling price is $32.40 per unit.
Prepare an income statement assuming absorption costing for the month of November.
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