Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year.
The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is 50 per unit.
(b) Compute the following:

Question

23-08-2022
Business

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Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year.
The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is 50 per unit.
(b) Compute the following:

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shubhamsinha3013 shubhamsinha3013 · Answer 1 · 2022-08-28T09:25:46+02:00

The number of units in the finished goods inventory at the end of the year is 3000 and the cost of the units in the finished goods inventory at the end of the year is $90000.

a. To compute the number of units in the finished goods inventory at the end of the year, we must first compute the number of units sold during the year.

number of units sold during the year = Total sales/ Unit selling price

= $1,300,000/$50 per unit sold Units

= 26,000

units sold in the finished goods inventory, beginning ...... 0

Units produced during the year .......................... 29,000

Units available for sale......................................... 29,000

Units sold during the year (above) ...................... 26,000

Units in the finished goods inventory, ending........ 3,000

b.

The average production cost per unit during the year is:

Cost of goods manufactured/ Number of units produced

= $870,000/29,000 units

= $30 per unit

Thus, the cost of the units in the finished goods inventory at the end of the year is:

3,000 units × $30 per unit = $90,000.

Hence, The number of units in the finished goods inventory at the end of the year is 3000 and the cost of the units in the finished goods inventory at the end of the year is $90000.

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