A company has a fiscal year-end of December 31: (1) on October 1, $32,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $30,000; principal and interest at 8% on the note are due in one year; and (3) equipment costing $80,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $16,000 per year. If the adjusting entries were not recorded, would net income be higher or lower and by how much

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?