Antioch Company makes eBook readers The company had the following amounts at the beginning of 2018 Cash, $672,000 Raw Materials Inventory, $66,000 Work in Process Inventory, $25,000 Finished Goods Inventory, $46,000 Common Stock, $600,000 and Retained Earnings, $209,000 Antioch experienced the following accounting events during 2018 Other than the adjusting entries for depreciation, assume that all transactions are cash transactions Paid $29,000 of research and development costs Paid $50,000 for raw materials that will be used to make eBook readers Placed $83,000 of the raw materials cost into the process of manufacturing eBook readers Paid $79,000 for salaries of selling and administrative employees Paid $108,000 for wages of production workers Paid $114,000 to purchase equipment used in selling and administrative offices Recognized depreciation on the office equipment The equipment was acquired on January 1, 2018 It has a $14,000 salvage value and a five year life The amount of depreciation is computed as (Cost salvage) useful life Specifically, ($114,000 $14,000) 5 $20,000 Paid $121,000 to purchase manufacturing equipment Recognized depreciation on the manufacturing equipment The equipment was acquired on January 1, 2018 It has a $22,000 salvage value and a nine year life The amount of depreciation is computed as (Cost salvage) useful life Specifically, ($121,000 $22,000) 9 $11,000 Paid $60,000 for rent and utility costs on the manufacturing facility Paid $74,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost) Completed and transferred eBook readers that had total cost of $244,000 from work in process inventory to finished goods Sold 810 eBook readers for $429,000 It cost Antioch $170,100 to make the eBook readers sold in Event 13 Problem 10 27 Part c C 1 Prepare a schedule of cost of goods manufactured and sold for the year (Amounts to be deducted should be indicated with a minus sign ) ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2018 Beginning raw materials Inventory $ 66,000 Purchases 50,000 Raw materials available 116,000 Ending raw materials inventory 33,000 Raw materials used 149,000 Labor 108,000 Overhead 71,000 Total manufacturing costs 328,000 Beginning work in process inventory 25,000 Total work in process inventory 353,000 Ending work in process inventory 43,000 Cost of goods manufactured 396,000 Beginning finished goods inventory 46,000 Goods available 442,000 Ending finished goods inventory 119,900 Cost of goods sold $ 561,900 c 2 Prepare a formal income statement for the year ANTIOCH COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue $ 429,000 Cost of goods sold 170,100 Gross margin 258,900 Selling and administrative expenser 193,000 Net income c 3 Prepare a balance sheet for the year ANTIOCH COMPANY Balance Sheet As of December 31, 2018 Assets Total assets Stockholders' Equity al stockholders' equity s

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Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $672,000; Raw Materials Inventory, $66,000; Work in Process

Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $672,000; Raw Materials Inventory, $66,000; Work in Process Inventory, $25,000; Finished Goods Inventory, $46,000; Common Stock, $600,000; and Retained Earnings, $209,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions.

Paid $29,000 of research and development costs.
Paid $50,000 for raw materials that will be used to make eBook readers.
Placed $83,000 of the raw materials cost into the process of manufacturing eBook readers.
Paid $79,000 for salaries of selling and administrative employees.
Paid $108,000 for wages of production workers.
Paid $114,000 to purchase equipment used in selling and administrative offices.
Recognized depreciation on the office equipment. The equipment was acquired on January 1, 2018. It has a $14,000 salvage value and a five-year life. The amount of depreciation is computed as [(Cost salvage) useful life]. Specifically, ($114,000 $14,000) 5 = $20,000.
Paid $121,000 to purchase manufacturing equipment.
Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2018. It has a $22,000 salvage value and a nine-year life. The amount of depreciation is computed as [(Cost salvage) useful life]. Specifically, ($121,000 $22,000) 9 = $11,000.
Paid $60,000 for rent and utility costs on the manufacturing facility.
Paid $74,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost).
Completed and transferred eBook readers that had total cost of $244,000 from work in process inventory to finished goods.
Sold 810 eBook readers for $429,000.
It cost Antioch $170,100 to make the eBook readers sold in Event 13.

Problem 10-27 Part c

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C-1. Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with a minus sign.) ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2018 Beginning raw materials Inventory | $ 66,000 Purchases 50,000 Raw materials available 116,000 Ending raw materials inventory 33,000 Raw materials used 149,000 Labor 108,000 Overhead 71,000 Total manufacturing costs 328,000 Beginning work in process inventory 25,000 Total work in process inventory 353,000 Ending work in process inventory 43,000 Cost of goods manufactured 396,000 Beginning finished goods inventory 46,000 Goods available 442,000 Ending finished goods inventory 119,900 Cost of goods sold $ 561,900 c-2. Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue $ 429,000 Cost of goods sold 170,100 Gross margin 258,900 Selling and administrative expenser 193,000 Net income c-3. Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, 2018 Assets Total assets Stockholders' Equity al stockholders' equity s