The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities: During the year, the company
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 companys annual sales amounted to $250,000.
a. Prepare Anthonys schedule of the cost of finished goods manufactured.
b. Prepare Anthonys income statement (ignore incometaxes).
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