Conner's Fixtures produces and sells a single product, a specialized plumbing fixture. The businessbegan operations on January 1 this year and its costs incurred during the year include the following:Variable costs (based on units produced):Direct materials costDirect manufacturing labor costsIndirect manufacturing costsAdministration and marketingFixed costs:Administration and marketing costsIndirect manufacturing costsAt the end of the first year (December 31), direct materials inventory consisted of 7,500 pounds ofmaterial. Production in that year was 10,000 fixtures. All prices and unit variable costs remainedconstant during the year. Sales revenue for year 1 was $293,250. Finished goods inventory was$24,420 on December 31. Each finished fixture requires 3.20 pounds of material.Required:La. Compute the direct materials inventory cost, December 31.b. Compute the finished goods ending inventory in units (fixtures) on December 31.c. Compute the selling price per unit.a. Direct materials inventoryb. Finished goods inventoryc. Selling priced. Operating profit (loss)d. Compute the operating profit for year 1.Note: Loss amounts should be shown with a minus sign.2Prev$ 24,000108,00021,60013,500$3 of 1272,00024,00018,000wwwunitsNext >

Name: Conner's Fixtures produces and sells a single product, a specialized
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Conner's Fixtures produces and sells a single product, a specialized plumbing fixture. The businessbegan operations on January 1 this year and its costs incurred during the year include the following:Variable costs (based on units produced):Direct m