Business, 24.07.2020 23:01 janeou17xn

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 $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.
i. Incurred $125,000 of administrative expense.

Required:
a. Prepare the January income statement for Sorensen Manufacturing Company.
b. Determine the inventory balances at the end of the first month of operations.

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Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufactur...