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

During the year, the company purchased \(\$ 30,000\) 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 \(\$ 200,000\).

a. Prepare Mayville's schedule of the cost of finished goods manufactured.

b. Prepare Mayville's income statement (ignore income taxes).

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Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Beginning Balance Balance $20,000 $40,000 29,000 60,000 52,000 42,000