The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities: During the
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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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Ending Beginning Balance Balance Materials Inventory Work in Process Inventory Finished Goods Inventory $10,000 $40,000 29,000 60,000 52,000 42,000 ..
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Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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