Mason Cabinet Company Sells Standard Kitchen Cabinets Mason Sold 950 Cabinets During the Year

Essay

Mason Cabinet Company sells standard kitchen cabinets.The following information summarizes Mason's operating activities for the year:
$$\begin{array} { | l | r | } \hline \text { Selling and Administrative Expenses } & \$ 42,750 \\\hline \text { Purchases } & 85,700 \\\hline \text { Sales Revenue } & 154,500 \\\hline \text { Merchandise Inventory, January 1 } & 12,500 \\\hline \text { Merchandise Inventory, December 31 } & 16,200 \\\hline\end{array}$$ Mason sold 950 cabinets during the year.
Calculate the operating income for the year.
Compute the unit cost for one cabinet (Round to two decimal places.)