Factory overhead cost is applied to jobs at the rate of $ per machine hour. There were an additional cut and stitched iLeathers waiting to be assembled on December Y
In your computations, if required, round interim per unit costs to two decimal places and final answers to the nearest whole dollar.
Required:
Question Content Area
Prepare an annual income statement for the iLeather product.
Technology Accessories Inc.
Income Statement
For the Year Ended December Y
Line Item Description Amount Amount
Sales
$Sales
Cost of Goods Sold
Cost of Goods Sold
Gross Profit
$Gross Profit
Selling Expenses:
Salespersons Commissions
$Salespersons Commissions
Advertising Design
Advertising Design
Advertising Expenses
Advertising Expenses
Total Selling Expenses Total Selling Expenses
Operating Income
$Operating Income Determine the balances in the finished goods and work in process inventories for the iLeather product on December Y
Line Item Description Amount
Finished Goods fill in the blank of $
Work in Process fill in the blank of $
