The following events took place for Collins Manufacturing Company during March, the first month of its operations as a producer of camera lenses: Purchased materials Used direct materials in production $6,000 4,000 8,000 Incurred direct labor wages Incurred of factory overhead costs Transferred work in process to finished goods Sold goods on account Cost of the goods that were sold Incurred selling expenses Incurred administrative expenses 9,000 16,000 30,000 13,000 7,000 3,000 a. How much would net income be on the income statement? o. Work in process balance on the balance sheet on March 31, 2022

The following events took place for Collins Manufacturing Company during March, the first month of its operations as a producer of camera lenses: Purchased materials Used direct materials in production $6,000 4,000 8,000 Incurred direct labor wages Incurred of factory overhead costs Transferred work in process to finished goods Sold goods on account Cost of the goods that were sold Incurred selling expenses Incurred administrative expenses 9,000 16,000 30,000 13,000 7,000 3,000 a. How much would net income be on the income statement? o. Work in process balance on the balance sheet on March 31, 2022

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Description: The following events took place for Collins Manufacturing Company during March, the first month of its operationsas a producer of camera lenses:Purchased materials$6,000Used direct materials in productionIncurred direct labor wagesIncurred of factor

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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