The following costs are provided by Chess business regarding the production of 5,000 school bags for September 2021. Costs of direct materials used $ 8,000

The following costs are provided by Chess business regarding the production of 5,000 school bags for September 2021. Costs of direct materials used  $ 8,000 Direct labor costs                     12,000 Manufacturing overheads            5,500 Selling and distribution               4,000 Administration costs                   3,000 The value of inventories at the beginning and end of September are as follows: 1/9/21              31/12/21 Work-in Process inventory       $  0                   $500 Finished goods inventory          400                     200 Chess uses absorption costing system. During September 4,960 bags are sold at a price equal to the cost plus $7 profit for each unit. Required A)  What is the cost of producing the 5,000 units? B)   Prepare the profit and loss for the month ended September 2021.

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