Exercise 3-16 Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014.

Inventory 12/31/14 $60,180 Cost of Goods Sold $225,870

Common Stock 75,870 Selling Expenses 17,400

Retained Earnings 48,850 Administrative Expenses 39,150

Dividends 19,080 Income Tax Expense 30,180

Sales Returns and Allowances 13,650

Sales Discounts 15,290

Sales Revenue 411,940

Prepare closing entries for Homer Winslow Co. on December 31, 2014.

Kubin company’s relevant range of production is 18,000 to 22,000 units. when it produces and sells 20,000 units, its average costs per unit are as follows: average cost per unit direct materials $ 7.00 direct labor $ 4.00 variable manufacturing overhead $ 1.50 fixed manufacturing overhead $ 5.00 fixed selling expense $ 3.50 fixed administrative expense $ 2.50 sales commissions $ 1.00 variable administrative expense $ 0.50 required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 18,000 units?