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he following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $416,000 of materials Used $358,000 of direct materials in production Incurred $308,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $851,000 of work in process to finished goods Sold goods with a cost of $806,000 Sold goods for $1,460,000 Incurred $328,000 of selling expenses Incurred $131,000 of administrative expenses Question Content Area a.  Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc.Income StatementFor the Month Ended July 31     $- Select -     - Select -     $- Select - Selling and administrative expenses: blank blank   $- Select -     - Select - blank Total selling and administrative expenses blank fill in the blank 7f0b9bff2f96f8c_11     $- Select -   Question Content Area b.  Determine the inventory balances at the end of the first month of operations. Materials inventory, July 31 $fill in the blank d36254012011018_1 Work in process inventory, July 31 $fill in the blank d36254012011018_2 Finished goods inventory, July 31 $fill in the blank d36254012011018_3

he following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $416,000 of materials Used $358,000 of direct materials in production Incurred $308,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $851,000 of work in process to finished goods Sold goods with a cost of $806,000 Sold goods for $1,460,000 Incurred $328,000 of selling expenses Incurred $131,000 of administrative expenses Question Content Area a.  Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc.Income StatementFor the Month Ended July 31     $- Select -     - Select -     $- Select - Selling and administrative expenses: blank blank   $- Select -     - Select - blank Total selling and administrative expenses blank fill in the blank 7f0b9bff2f96f8c_11     $- Select -   Question Content Area b.  Determine the inventory balances at the end of the first month of operations. Materials inventory, July 31 $fill in the blank d36254012011018_1 Work in process inventory, July 31 $fill in the blank d36254012011018_2 Finished goods inventory, July 31 $fill in the blank d36254012011018_3

FINANCIAL ACCOUNTING
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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  1. he following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes:

    • Purchased $416,000 of materials
    • Used $358,000 of direct materials in production
    • Incurred $308,000 of direct labor wages
    • Applied factory overhead at a rate of 75% of direct labor cost
    • Transferred $851,000 of work in process to finished goods
    • Sold goods with a cost of $806,000
    • Sold goods for $1,460,000
    • Incurred $328,000 of selling expenses
    • Incurred $131,000 of administrative expenses

    Question Content Area

    a.  Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method.

    Migliozzi Inc.Income StatementFor the Month Ended July 31
     
    		   $- Select -
     
    		   - Select -
     
    		   $- Select -
    Selling and administrative expenses: blank blank
     
    		 $- Select -  
     
    		 - Select - blank
    Total selling and administrative expenses blank fill in the blank 7f0b9bff2f96f8c_11
     
    		   $- Select -
     

    Question Content Area

    b.  Determine the inventory balances at the end of the first month of operations.

    Materials inventory, July 31 $fill in the blank d36254012011018_1
    Work in process inventory, July 31 $fill in the blank d36254012011018_2
    Finished goods inventory, July 31 $fill in the blank d36254012011018_3
     
     
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