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:
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.
a) Income statement
Sales | 1200000 | |
Cost of goods sold | 675000 | |
Gross profit | 525000 | |
Selling and administrative expense | ||
Selling expense | 215000 | |
Administrative expense | 125000 | |
Total Selling and administrative expense | 340000 | |
Operating income | 185000 | |
b) Inventory balance
Raw material inventory (250000-180000) | 70000 |
Work in process (180000+450000+180000-760000) | 50000 |
Finished goods (760000-675000) | 85000 |
Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during...
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: Purchased $66,300 of materials. Used $51,100 of direct materials in production. Incurred $76,200 of direct labor wages. Incurred $107,400 of factory overhead. Transferred $178,300 of work in process to finished goods. Sold goods for $318,900. Sold goods with a cost of $141,900. Incurred $81,500 of selling expense. Incurred $35,800 of...
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: Purchased $48,300 of materials. Used $37,200 of direct materials in production. Incurred $55,500 of direct labor wages. Incurred $78,200 of factory overhead. Transferred $129,900 of work in process to finished goods. Sold goods for $232,300. Sold goods with a cost of $103,400. Incurred $59,400 of selling expense. Incurred $26,100 of...
eBook Show Me How Calculator Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during January, the first mon a. Purchased $250,000 of materials. b. Used $180,000 of direct materials in production. c. Incurred $450,000 of direct labor wages. d. Incurred $180,000 of factory overhead. e. Transferred $760,000 of work in process to finished goods. f. Sold goods for $1,200,000 g. Sold goods with a cost of $675,000. h. Incurred $215,000 of selling expense....
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 $50,600 of materials. b. Used $39,000 of direct materials in production. C. Incurred $58,200 of direct labor wages. d. Incurred $82,000 of factory overhead. e. Transferred $136,100 of work in process to finished goods. f. Sold goods for $243,400. 9. Sold goods with a cost of $108,300. h....
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 $268,000 of materials. b. Used $192,960 of direct materials in production. C. Incurred $482,400 of direct labor wages. d. Incurred $193,000 of factory overhead. e. Transferred $814,700 of work in process to finished goods. f. Sold goods for $1,286,400. g. Sold goods with a cost of $723,600. h....
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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 $230,000 of materials. b. Used $165,600 of direct materials in production. C. Incurred $414,000 of direct labor wages. d. Incurred $165,600 of factory overhead. e. Transferred $699,200 of work in process to finished goods. f. Sold goods for $1,104,000. g. Sold goods with a cost of $621,000. h....
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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 $44,100 of materials. b. Used $34,000 of direct materials in production. C. Incurred $50,700 of direct labor wages. d. Incurred $71,400 of factory overhead. e. Transferred $118,600 of work in process to finished goods. f. Sold goods for $212,100. g. Sold goods with a cost of $94,400. h. Incurred $54,200 of selling expense. i....
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