Nix’it company’s ledger on july 31, its fiscal year-end, includes the following selected accounts that have normal balances (nix’it uses the perpetual inventory system). merchandise inventory $ 37,800 sales returns and allowances $ 6,500 retained earnings 115,300 cost of goods sold (excluding shrinkage) 105,000 dividends 7,000 depreciation expense 10,300 sales 160,200 salaries expense 32,500 sales discounts 4,700 miscellaneous expenses 5,000 a physical count of its july 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. prepare journal entries to close the balances in temporary revenue and expense accounts. remember to consider the entry for shrinkage.

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?