Determine the cost of the finished goods inventory of light

Question

Tampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows.

Per Unit                    Variable Cost             FIxed Cost

Direct materials          $4.50                       ______

Direct Labor                 6.50                       ----------

Factory Overhead          9                          50,000

Selling                           ---                          70,000

Administrative               ---                         135,000

1. Determine the cost of the finished goods inventory of light-gauge aluminu.
2. Prepare an income statement for the current year ended December 31.