During 2018,Laker & Lock Corporation incurred manufacturing expenses of $20 000 000 to produce finished units.At year-end,it was determined that 370 000 units were sold while 30 000 units remained in ending inventory.
Required:
a.What is the cost of producing one unit?
b.What is the amount that will be reported on the income statement for cost of goods sold?
c.What is the amount that will be reported on the balance sheet for ending inventory?
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Question

Quizplus · Accepted Answer

The Answer of During 2018,Laker & Lock Corporation incurred manufacturing expenses of $20 000 000 to produce finished units.At year-end,it was determined that 370 000 units were sold while 30 000 units remained in ending inventory.
Required:
a.What is the cost of producing one unit?
b.What is the amount that will be reported on the income statement for cost of goods sold?
c.What is the amount that will be reported on the balance sheet for ending inventory?
_____________________________________________________________________________________________
_____________________________________________________________________________________________

During 2018,Laker & Lock Corporation Incurred Manufacturing Expenses of $20