Financial Statements of a Manufacturing Firm

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

Purchased $68,100 of materials

Used $52,400 of direct materials in production.

Incurred $78,300 of direct labor wages.

Incurred $110,300 of factory overhead.

Transferred $183,200 of work in process to finished goods.

Sold goods with a cost of $145,700.

Earned revenues of $327,600.

Incurred $83,800 of selling expenses.

Incurred $36,800 of administrative expenses.