A manufacturer purchases $ 10,000 of raw material. During the manufacturing of the products, $ 40,000 of labor and $ 60,000 of overhead cost incurred. After completion, the products are stored in the warehouse, and three weeks later one-half of the finished products are sold for $ 65,000. Show the following entries in the Accounting equation:

When the raw material is purchased, when the labor and overhead expenses are incurred and when the finished product is sold.

PROBLEMS 117 e 3-7 Financial Statements for Flip Flop Corp.-Year Ending December 31 All Data in Thousands of Dollars Except Market Price per Share) Cost of Goods Sold Gross Profit Expenses Interest Expense 10-11 Net Income Before Tax Net Income Dividends Retained Earnings Assets Accounts Receivable Inventory Current Assets Buildings and Equipment 237 169 177 Las 190-210 Fixed Assets Total Assets Liabilities Accounts Payable Notes Payable Current Liabilities Bonds-9%, 2010 Long-Term Loans Term Liabilities Total Liabilities Owners' Equity Common Stock-100,000 shares outstanding Retained Earnings Owners' Equity Total Liabilities and Owners' Equity Market Price per Share 34 33 142 150 174 383 198-232 427 135 364 S4.50 $5.25 $7.50 $6.75 $8.25 4 200 110 12-65 25-40-24 ear m-85 1049 20-29 14-15 ate 2 360 200-160 75 7-68 28-40-24 300 170-130 60 7 9-54 22-32-19 62 25-87 80 35 220 009 194-005 40 15-55 80 50-130-195 47 35 67 15 120 EST AS 45-190- 35 50 15 98 198 140 44 42 10 91-87 198 39-77-es z 76 80 53 35 39 980 35 so- 35 100-195-220 40 36 -130 39-69 20