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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: a. Purchased $49,800 of materials. b. Used $38,300 of direct materials in production. c. Incurred $57,300 of direct labor wages. d. Incurred $80,700 of factory overhead. e. Transferred $134,000 of work in process to finished goods. f. Sold goods for $239,500. g. Sold goods with a cost of $106,600. h. Incurred $61,300 of selling expense. i. Incurred $26,900 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Line Item Description Revenues Income Statement For the Month Ended January 31 Amount Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Net income ✓ Total operating expenses ✓ Amount

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: a. Purchased $49,800 of materials. b. Used $38,300 of direct materials in production. c. Incurred $57,300 of direct labor wages. d. Incurred $80,700 of factory overhead. e. Transferred $134,000 of work in process to finished goods. f. Sold goods for $239,500. g. Sold goods with a cost of $106,600. h. Incurred $61,300 of selling expense. i. Incurred $26,900 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Line Item Description Revenues Income Statement For the Month Ended January 31 Amount Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Net income ✓ Total operating expenses ✓ Amount

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 Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $49,800 of materials. b. Used $38,300 of direct materials in production. c. Incurred $57,300 of direct labor wages. d. Incurred $80,700 of factory overhead. e. Transferred $134,000 of work in process to finished goods. f. Sold goods for $239,500. g. Sold goods with a cost of $106,600. h. Incurred $61,300 of selling expense. i. Incurred $26,900 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Line Item Description Revenues Income Statement For the Month Ended January 31 Amount Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income Amount
Transcribed Image Text: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: a. Purchased $49,800 of materials. b. Used $38,300 of direct materials in production. c. Incurred $57,300 of direct labor wages. d. Incurred $80,700 of factory overhead. e. Transferred $134,000 of work in process to finished goods. f. Sold goods for $239,500. g. Sold goods with a cost of $106,600. h. Incurred $61,300 of selling expense. i. Incurred $26,900 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Line Item Description Revenues Income Statement For the Month Ended January 31 Amount Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income Amount
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