eBook Show Me How Financial Statements of a Manufacturing Firm The following events took place for LAE Manufacturing Company during January 2016, the first month of its operations as a producer of digital video monitors a. Purchased $46,000 of materials b. Used $35,400 of direct materials in production. c. Incurred $52,900 of direct labor wages. d. Incurred $74,500 of factory overhead. e. Transferred $123,700 of work in process to finished goods. f. Sold goods with a cost of $98,400. g. Earned revenues of $221,300. h. Incurred $56,600 of selling expenses. i. Incurred $24,800 of administrative expenses. Using the information given, complete the following a. Prepare the January 2016 income statement for LAE Manufacturing Company LAE Manufacturing Company Income Statement Revenues Operating expenses Previous Next Check My Work 1 more Check My Work uses remaining Save and Exit Submit Assignment for Grading All work saved Untitied doc eBook Show Me How Calculator a. Prepare the January 2016 income statement for LAE Manufacturing Company LAE Manufacturing Company Income Statement For the Month Ended January 31, 2016 Operating expenses: Total operating expenses b. Determine the inventory balances at the end of the first month of operations. LAE Manufacturing Company Inventory Balances For the Month Ended January 31, 2016 Inventory balances on January 31, 2016: Materials Work in process Finished goods Previc Check My Work 1 more Check My Work uses remaining Save and Exit Submit As