Reference no: EM132624694

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

                                                         Ending                Beginning

                                                Balance                Balance

Materials Inventory . . . ..            $10,000               $40,000

Work in Process Inventory              29,000                  60,000

Finished Goods Inventory . . . .           52,000                 42,000

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 company's annual sales amounted to $250,000.

Problem a) Make Anthony's schedule of the cost of finished goods manufactured and Anthony's income statement (ignore income taxes)