Question - George's Garage incurred the following costs during May:
During the month, 6,000 units of product were manufactured and 5,500 units of product were sold. On May 1, George's carried no inventories.
(a) Calculate the cost of goods manufactured during May and the average cost per unit of product manufactured.
(b) Calculate the cost of goods sold during May.
(c) Where in the financial statements will the difference between cost of goods manufactured and cost of goods sold be classified?