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(solution) Issa Manufacturing Company was started on January 1, 2014, when


Issa Manufacturing Company was started on January 1, 2014, when it acquired $85,000 cash by issuing common stock. Issa immediately purchased office furniture and manufacturing equipment costing $9,500 and $34,800, respectively. The office furniture had a seven-year useful life and a zero salvage value. The manufacturing equipment had a $4,000 salvage value and an expected useful life of four years. The company paid $11,600 for salaries of administrative personnel and $15,100 for wages to production personnel. Finally, the company paid $11,080 for raw materials that were used to make inventory. All inventory was started and completed during the year. Issa completed production on 4,400 units of product and sold 3,480 units at a price of $15 each in 2014. (Assume that all transactions are cash transactions.)

Required:

a.

Determine the total product cost and the average cost per unit of the inventory produced in 2014. (Round "Average cost per unit" answer to 2 decimal places.)

Total product cost

?

Average cost per unit

?

b.

Determine the amount of cost of goods sold that would appear on the 2014 income statement. (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Cost of goods sold

 ?

c.

Determine the amount of the ending inventory balance that would appear on the December 31, 2014, balance sheet. (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Ending inventory

 ?

d.

Determine the amount of net income that would appear on the 2014 income statement. (Round your answer to the nearest dollar amount.)

Net income

 ?

e.

Determine the amount of retained earnings that would appear on the December 31, 2014, balance sheet. (Round your answer to the nearest dollar amount.)

Retained earnings

 ?

f.

Determine the amount of total assets that would appear on the December 31, 2014, balance sheet. (Round your answer to the nearest dollar amount.)

Total asset

 ?


Issa Manufacturing Company was started on January 1, 2014, when it acquired $85,000

 

cash by issuing common stock. Issa immediately purchased office furniture and

 

manufacturing equipment costing...

 


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