Wv2 | Online teachin X +takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress... AThe following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a produdigital video monitors:a. Purchased $138,600 of materials.b. Used $93,540 of direct materials in production.c. Incurred $182,560 of direct labor wages.d. Incurred $213,040 of factory overhead.e. Transferred $426,220 of work in process to finished goods.f. Sold goods for $660,000.g. Sold goods with a cost of $367,500.h. Incurred $86,200 of selling expense.i. Incurred $70,250 of administrative expense.Required:Using the information given, complete the following:a. Prepare the January income statement for Technology Treasures Manufacturing Company. Be sure to complete the statementheading. Refer to the lists of Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for textentries. Colons (:) will fill in where needed. Enter amounts as positive numbers unless the amount is a calculation that results in anegative amount. For example: Net loss should be negative. Expenses should be positive.b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month ofoperations.PreviousNex-▬▬

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Description: Wv2 | Online teachin X +takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress... AThe following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a

The income statement shows the net profit or loss which is calculated by deducting the expenses from…

Business

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a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods.

a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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