Financial Statements of a Manufacturing FirmThe 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 $43,600 of materialsUsed $33,600 of direct materials in production.Incurred $50,100 of direct labor wages.Incurred $70,600 of factory overhead.Transferred $117,300 of work in process to finished goods.Sold goods for $209,700.Sold goods with a cost of $93,300.Incurred $53,600 of selling expenses.Incurred $23,500 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 31 $fill in the blank b0fa42029fd2fb3_2 fill in the blank b0fa42029fd2fb3_4 $fill in the blank b0fa42029fd2fb3_6Operating expenses: $fill in the blank b0fa42029fd2fb3_8 fill in the blank b0fa42029fd2fb3_10 Total operating expenses fill in the blank b0fa42029fd2fb3_11 $fill in the blank b0fa42029fd2fb3_13b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.Digital Vibe Manufacturing CompanyInventory BalancesFor the Month Ended January 31Inventory balances on January 31: Materials$fill in the blank 32d1440b9041003_1Work in processfill in the blank 32d1440b9041003_2Finished goods

Manufacturers incur many costs in the production process. It is the cost accountant’s j back job to…

Answered: Purchased $43,600 of materials Used…

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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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 $43,600 of materials
Used $33,600 of direct materials in production.
Incurred $50,100 of direct labor wages.
Incurred $70,600 of factory overhead.
Transferred $117,300 of work in process to finished goods.
Sold goods for $209,700.
Sold goods with a cost of $93,300.
Incurred $53,600 of selling expenses.
Incurred $23,500 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 b0fa42029fd2fb3_2
		fill in the blank b0fa42029fd2fb3_4
		$fill in the blank b0fa42029fd2fb3_6
Operating expenses:
	$fill in the blank b0fa42029fd2fb3_8
	fill in the blank b0fa42029fd2fb3_10
Total operating expenses		fill in the blank b0fa42029fd2fb3_11
		$fill in the blank b0fa42029fd2fb3_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 32d1440b9041003_1
Work in process	fill in the blank 32d1440b9041003_2
Finished goods

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