Question

The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities:


During the year, the company purchased $40,000 of direct materials and incurred $21,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $18,000. Selling and administrative expenses amounted to $60,000, and the company’s annual sales amounted to $250,000.
a. Prepare Anthony’s schedule of the cost of finished goods manufactured.
b. Prepare Anthony’s income statement (ignore incometaxes).


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  • CreatedApril 17, 2014
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