Homework Assignment 7 Chapter 18 The following events took place for Billy Adams Manufacturing Company during January, the first month of its operations as a producer of thermometers: a. Purchased $73,000 of materials. b. Used $53,000 of direct materials in production. c. Incurred $96,000 of direct labor wages. d. Incurred $115,000 of factory overhead. e. Transferred $201,000 of work in process to finished goods. f. Sold goods with a cost of $193,000. 8. Earned revenues of $450,000 h. Incurred $75,000 of selling expense. 1. Incurred $41,500 of administrative expense. Using the above information, complete the following: a. Prepare the January income statement for Billy Adams Manufacturing Company b. Determine the inventory balances at the end of the first month of operations