EXERCISE 16.9 The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities:

Exercises 745 EXERCISE 16.10 Preparing an Income Statement Using LO6 the Cost of Finished Goods Manufactured Ridgeway Company reports the following information pertaining to its operating activities: During the year, the company purchased $35,000 of direct materials and incurred $22,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $19,000. Selling and administrative expenses amounted to $30,000, and the company's annual sales amounted to $80,000. a. Prepare Ridgeway's schedule of the cost of finished goods manufactured. b. Prepare Ridgeway's income statement (ignore income taxes)