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: Purchased $44,800 of materials Used $34,500 of direct materials in production. Incurred $51,500 of direct labor wages. Incurred $72,600 of factory overhead. Transferred $120,500 of work in process to finished goods. Sold goods for $215,500. Sold goods with a cost of $95,900. Incurred $55,100 of selling expenses. Incurred $24,200 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 $fill in the blank 0fbb4f085fb604d_2 fill in the blank 0fbb4f085fb604d_4 $fill in the blank 0fbb4f085fb604d_6 Operating expenses: $fill in the blank 0fbb4f085fb604d_8 fill in the blank 0fbb4f085fb604d_10 Total operating expenses fill in the blank 0fbb4f085fb604d_11 $fill in the blank 0fbb4f085fb604d_13 b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials
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: Purchased $44,800 of materials Used $34,500 of direct materials in production. Incurred $51,500 of direct labor wages. Incurred $72,600 of factory overhead. Transferred $120,500 of work in process to finished goods. Sold goods for $215,500. Sold goods with a cost of $95,900. Incurred $55,100 of selling expenses. Incurred $24,200 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 $fill in the blank 0fbb4f085fb604d_2 fill in the blank 0fbb4f085fb604d_4 $fill in the blank 0fbb4f085fb604d_6 Operating expenses: $fill in the blank 0fbb4f085fb604d_8 fill in the blank 0fbb4f085fb604d_10 Total operating expenses fill in the blank 0fbb4f085fb604d_11 $fill in the blank 0fbb4f085fb604d_13 b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:
- Purchased $44,800 of materials
- Used $34,500 of direct materials in production.
- Incurred $51,500 of direct labor wages.
- Incurred $72,600 of factory
overhead . - Transferred $120,500 of work in process to finished goods.
- Sold goods for $215,500.
- Sold goods with a cost of $95,900.
- Incurred $55,100 of selling expenses.
- Incurred $24,200 of administrative expense.
Using the information given, complete the following:
a. Prepare the January income statement for Digital Vibe Manufacturing Company.
Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 $fill in the blank 0fbb4f085fb604d_2 fill in the blank 0fbb4f085fb604d_4 $fill in the blank 0fbb4f085fb604d_6 Operating expenses: $fill in the blank 0fbb4f085fb604d_8 fill in the blank 0fbb4f085fb604d_10 Total operating expenses fill in the blank 0fbb4f085fb604d_11 $fill in the blank 0fbb4f085fb604d_13 b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.
Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials $fill in the blank 2fd185fa301e029_1 Work in process fill in the blank 2fd185fa301e029_2 Finished goods fill in the blank 2fd185fa301e029_3
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