Financial Statements of a Manufacturing Firm

The following events took place for Chaterjee Manufacturing Company during January 2014, the first month of its operations as a producer of digital thermometers:

Purchased $95,200 of materials.

Used $67,200 of direct materials in production.

Incurred $128,800 of direct labor wages.

Incurred $151,200 of factory overhead.

Transferred $303,800 of work in process to finished goods.

Sold goods with a cost of $280,000.

Earned revenues of $450,000.

Incurred $65,400 of selling expense.

Incurred $54,600 of administrative expense.

Using the above information, complete the following:

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b. Determine the inventory balances at the end of the first month of operations.

Inventory Balances
For the Month Ended January 31, 2014
Inventory balances on January 31, 2014:
Materials		$
Work in process		$
Finished goods		$