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Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors a. Purchased $40,700 of materials. b. Used $31,300 of direct materials in production. c. Incurred $46,800 of direct labor wages. d. Incurred $65,900 of factory overhead. e. Transferred $109,500 of work in process to finished goods. f. Sold goods for $195,800. g. Sold goods with a cost of $87,100. h. Incurred $50,100 of selling expense. 1. Incurred $22,000 of administrative expense. Using the information given, complete the following:

Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors a. Purchased $40,700 of materials. b. Used $31,300 of direct materials in production. c. Incurred $46,800 of direct labor wages. d. Incurred $65,900 of factory overhead. e. Transferred $109,500 of work in process to finished goods. f. Sold goods for $195,800. g. Sold goods with a cost of $87,100. h. Incurred $50,100 of selling expense. 1. Incurred $22,000 of administrative expense. Using the information given, complete the following:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: a. Purchased $40,700 of materials. b. Used $31,300 of direct materials in production. c. Incurred $46,800 of direct labor wages, d. Incurred $65,900 of factory overhead. e. Transferred $109,500 of work in process to finished goods. f. Sold goods for $195,800. g. Sold goods with a cost of $87,100. h. Incurred $50,100 of selling expense. 1. Incurred $22,000 of administrative expense. Using the information given, complete the following:
Transcribed Image Text:Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: a. Purchased $40,700 of materials. b. Used $31,300 of direct materials in production. c. Incurred $46,800 of direct labor wages, d. Incurred $65,900 of factory overhead. e. Transferred $109,500 of work in process to finished goods. f. Sold goods for $195,800. g. Sold goods with a cost of $87,100. h. Incurred $50,100 of selling expense. 1. Incurred $22,000 of administrative expense. Using the information given, complete the following:
a. Prepare the March income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended March 31 Operating expenses: Total operating expenses 00 b. Determine the inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended March 31 Inventory balances on March 31: Materials Work in process Finished goods 000
Transcribed Image Text:a. Prepare the March income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended March 31 Operating expenses: Total operating expenses 00 b. Determine the inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended March 31 Inventory balances on March 31: Materials Work in process Finished goods 000
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