Mayvile Company, a sole proprietorship, reports the following information prtaining to its 2002 operating activities
12/31/02 02-01-2001
Balance Balance
Materials Inventory $20,000 $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 accounted to $18,000. Selling and administrative expenses amounted to $60,000 and the company's annual sales amounted to $200,000
Instructions
a. Prepare Mayville's schedule of the cost of finished goods manufactured for 2002.
