Reference no: EM132660046

Anthony Co. manufactures office furniture at its plant in Ontario. In August, the plant accountant collected the following data concerning operations during the month of July:

Purchases of raw materials $ 48,000
Direct labour 75,000
Manufacturing overhead 110,200
Sales revenue 455,000

Various Selling and Administrative expenses:

Depreciation 25,000
Salaries and wages 67,000
Utilities 3,000
Advertising 6,000
Sales commissions 12,000

Inventory                            Beginning                 Ending

Raw materials                    $12,000               $21,000
Work in process                 48,000                 67,000
Finished goods                   30,000            36,000

Problem 1: On an Income Statement, the Net Income would be