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PRIME COST, CONVERSION COST, PREPARATION OF INCOME STATEMENT: MANUFACTURING FIRM Roundabout Shoe… 1 answer below » PRIME COST, CONVERSION COST, PREPARATION OF INCOME STATEMENT: MANUFACTURING FIRM Roundabout Shoe Company makes walking shoes. During the past calendar year, a total of 90,000 pairs of shoes were made, and 89,000 were sold for $54.00 per pair. The actual unit cost per pair of shoes is as follows: The selling expenses consisted of a commission of $2.70 per pair sold and advertising copayments totalling $236,000. Administrative expenses, all fixed, equalled $183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $235,500 for 6 View complete question » PRIME COST, CONVERSION COST, PREPARATION OF INCOME STATEMENT: MANUFACTURING FIRM Roundabout Shoe Company makes walking shoes. During the past calendar year, a total of 90,000 pairs of shoes were made, and 89,000 were sold for $54.00 per pair. The actual unit cost per pair of shoes is as follows: The selling expenses consisted of a commission of $2.70 per pair sold and advertising copayments totalling $236,000. Administrative expenses, all fixed, equalled $183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $235,500 for 6,000 pairs of shoes. Required: 1. Calculate the number and the dollar value of walking shoes in ending finished goods inventory. 2. Prepare a cost of goods sold statement. 3. Prepare an absorption-costing income statement. View less » Dec 09 2015 02:54 PM
