Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $44,500 of materials b. Used $34,300 of direct materials in production c. Incurred $51,200 of direct labor wages. d. Incurred $72,100 of factory overhead. e. Transferred $119,700 of work in process to finished goods. f. Sold goods for $214,000. g. Sold goods with a cost of $95,200. h. Incurred $54,700 of selling expenses. i. Incurred $24,000 of administrative expense.
Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $44,500 of materials b. Used $34,300 of direct materials in production c. Incurred $51,200 of direct labor wages. d. Incurred $72,100 of factory overhead. e. Transferred $119,700 of work in process to finished goods. f. Sold goods for $214,000. g. Sold goods with a cost of $95,200. h. Incurred $54,700 of selling expenses. i. Incurred $24,000 of administrative expense.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 9E: Financial statements of a manufacturing firm The following events took place for Sorensen...
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I'm having trouble finding the value for the inventory balance as of january 31st for the cost of finished goods.
Transcribed Image Text:Financial Statements of a Manufacturing Firm
The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
a. Purchased $44,500 of materials
b. Used $34,300 of direct materials in production
c. Incurred $51,200 of direct labor wages.
d. Incurred $72,100 of factory overhead.
e. Transferred $119,700 of work in process to finished goods.
f. Sold goods for $214,000.
g. Sold goods with a cost of $95,200.
h. Incurred $54,700 of selling expenses.
i. Incurred $24,000 of administrative expense.
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