еВookShow Me Howa. Prepare the January income statement for Digital Vibe Manufacturing Company.Digital Vibe Manufacturing CompanyIncome StatementFor the Month Ended January 31Operating expenses:Total operating expensesb. 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 CompanyInventory BalancesFor the Month Ended January 31Inventory balances on January 31:MaterialsWork in processFinished goodsPreviousCheck My WorkSubmit AssignmeSave and ExitAll work saved.79°F Cloudy nents- ACG20CengageNOWv2 | Online teachin xG The following events took plac-takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator3D&inprogress=falеВookShow Me HowFinancial Statements of a Manufacturing FirmThe following events took place for Digital Vibe Manufacturing Company during January, the firsa. Purchased $43,900 of materialsb. Used $33,800 of direct materials in production.c. Incurred $50,500 of direct labor wages.d. Incurred $71,100 of factory overhead.e. Transferred $118,100 of work in process to finished goods.f. Sold goods for $211,200.g. Sold goods with a cost of $93,900.h. Incurred $54,000 of selling expenses.i. Incurred $23,700 of administrative expense.Using the information given, complete the following:a. Prepare the January income statement for Digital Vibe Manufacturing Company.Digital Vibe Manufacturing CompanyIncome StatementFor the Month Ended January 31Operating expenses:Total operating expensesCheck My WorkAll work saved.

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Description: еВookShow Me Howa. Prepare the January income statement for Digital Vibe Manufacturing Company.Digital Vibe Manufacturing CompanyIncome StatementFor the Month Ended January 31Operating expenses:Total operating expensesb. Determine the Materials Inve

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Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the firs a. Purchased $43,900 of materials b. Used $33,800 of direct materials in production. c. Incurred $50,500 of direct labor wages. d. Incurred $71,100 of factory overhead. e. Transferred $118,100 of work in process to finished goods. f. Sold goods for $211,200. g. Sold goods with a cost of $93,900. h. Incurred $54,000 of selling expenses. i. Incurred $23,700 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 Operating expenses:

Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the firs a. Purchased $43,900 of materials b. Used $33,800 of direct materials in production. c. Incurred $50,500 of direct labor wages. d. Incurred $71,100 of factory overhead. e. Transferred $118,100 of work in process to finished goods. f. Sold goods for $211,200. g. Sold goods with a cost of $93,900. h. Incurred $54,000 of selling expenses. i. Incurred $23,700 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 Operating expenses:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: • Purchased $517,700 of materials Used $445,200 of direct materials in production • Incurred $384,000 of direct labor wages • Applied factory overhead at a rate of 80% of direct labor cost • Transferred $1,090,900 of work in process to finished goods • Sold goods with a cost of $1,035,400 • Sold goods for $1,853,400 • Incurred $445,200 of selling expenses • Incurred $165,700 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Focault Inc. Income Statement For the Month Ended July 31, 20Y2 Revenues Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses 5,200 Administrative expenses 165,700 Total selling and administrative expenses 610,900 Income from operations
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Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
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Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $255,000 of materials. Used $183,600 of direct materials in production. Incurred $459,000 of direct labor wages. Incurred $183,600 of factory overhead. Transferred $775,200 of work in process to finished goods. Sold goods for $1,224,000. Sold goods with a cost of $688,500. Incurred $219,300 of selling expense. Incurred $127,500 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Using the information given, complete the following: Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement…
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.