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 $133,800 of materials. b. Used $94,100 of direct materials in production. c. Incurred $184,480 of direct labor wages. d. Incurred $215,200 of factory overhead. e. Transferred $425,880 of work in process to finished goods. f. Sold goods for $664,000. g. Sold goods with a cost of $360,000. h. Incurred $85,460 of selling expense. i. Incurred $71,800 of administrative expense. Required: Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.

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 $133,800 of materials. b. Used $94,100 of direct materials in production. c. Incurred $184,480 of direct labor wages. d. Incurred $215,200 of factory overhead. e. Transferred $425,880 of work in process to finished goods. f. Sold goods for $664,000. g. Sold goods with a cost of $360,000. h. Incurred $85,460 of selling expense. i. Incurred $71,800 of administrative expense. Required: Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.

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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