The following information pertains to the JAG Corporation for the month of November: 100,000 units...
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Accounting
The following information pertains to the JAG Corporation for the month of November: 100,000 units were sold in November at a selling price per unit of $24. The standard unit manufacturing costs for the month were: Selling and administrative costs for the month were: The unit rate for fixed manufacturing costs is a predetermined rate based on a capacity level of 150,000 units per month. Production for November was 45,000 units more than sales. Ending inventory on November 30 consisted of 80,000 units. Actual and budgeted fixed manufacturing costs were $600,000. [Hint: Use a T-account to determine the units in beginning inventory.] Instructions: Using proper format, which includes the calculation of COGS and PVV adj on the income statement, prepare an absorption costing income statement. [Note: You do not need to include heading, but the income statement MUST be presented correctly to receive full credit!]
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