Mayville Company, a sole proprietorship, reports the following information pertaining to its operating activities:
| Ending Balance | Beginning Balance |
Materials Inventory | $ 20,00 | $ 40,000 |
Work in Process Inventory | 29,000 | 60,000 |
Finished Goods Inventory | 52,000 | 42,000 |
During the year, the company purchased $30,000 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 $200,000.
a. Prepare Mayville’s schedule of the cost of finished goods manufactured.
b. Prepare Mayville’s income statement (ignore income taxes).
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