The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities: 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. Prepare Anthony’s schedule of the cost of finished goods manufactured. Prepare Anthony’s income statement (ignore income taxes).
The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities: 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. Prepare Anthony’s schedule of the cost of finished goods manufactured. Prepare Anthony’s income statement (ignore income taxes).
Chapter5: Process Costing
Section: Chapter Questions
Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value...
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Question
The Anthony Company, a sole proprietorship, reports the following information pertaining to its operating activities:
During the year, the company purchased $40,000 of direct materials and incurred $21,000 of direct labor costs. Total
- Prepare Anthony’s schedule of the cost of finished goods manufactured.
- Prepare Anthony’s income statement (ignore income taxes).
![Ending Beginning
Balance
Balance
$40,000
Materials Inventory
Work in Process Inventory
$10,000
29,000
60,000
Finished Goods Inventory
52,000
42,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fefc5c148-e583-46e9-876b-eec50d6b7724%2F24bbd007-1ed0-4a61-8c20-d6469a0ea472%2Ftfp542_processed.png&w=3840&q=75)
Transcribed Image Text:Ending Beginning
Balance
Balance
$40,000
Materials Inventory
Work in Process Inventory
$10,000
29,000
60,000
Finished Goods Inventory
52,000
42,000
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