Closing entries summarize the activity in every account. reduce the number of permanent accounts. are prepared before the financial statements. cause the revenue and expense accounts to have zero balances.

Pederson company reported the following: manufacturing costs $480,000 units manufactured 8,000 units sold 7,500 units sold for $90 per unit beginning inventory 2,000 units what is the average manufacturing cost per unit? (round the answer to the nearest dollar.)