March 31 Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 Materials $218,400 Work in process 453,330 Finished goods 609,650 $200,820 530,810 640,530 Direct labor $3,640,000 Materials purchased during March 2,772,840 Factory overhead incurred during March: Indirect labor 332,800 Machinery depreciation 218,400 Heat, light, and power 182,000 Supplies 36,290 Property taxes 31,190 Miscellaneous costs 47,530 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input X Open spreadsheet a. Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Financial statements of a manutacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video montors: 3. Purchased $220,000 of materials b. Used $158,400 of direct materials in production c. Incurred $396,000 of direct labor wages. d. incurred $158,400 of factory overhead. e. Transferred $668,800 of work in process to finished goods. 1. Sold goods for $1,056,000. 9. Sold goods with a cost of $S94,000 h. Incurred $189,200 of selling expense. Incurred $110,000 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreddsheet, perform the required analysis, and input your answers in the questions below JI Open spreadsheet Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues 1,056,000 Cost of goods sold Gross profit Operating expenses: Selling expenses Income Statement For the Month Ended January 31 Revenues 1,056,000 Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net Income b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods G H 1 F The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a 3 producer of digital video monitors: 4 5 DATA Materials purchased $220,000 Direct materials used in production 158,400 B Direct labor wages 396,000 Factory overhead 158,400 o Work in process transferred to finished goods 668,800 1 Sales revenue 1,056,000 2 Cost of goods sold 594,000 3 Selling expense 189,200 4 Administrative expense 110,000 5 Select the corresponding accounts in the dropdowns in cells 621:25, 20:326, 28. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric results for the green entry cells (D21:023, C25C26, D27:028, C31:C33) into the appropriate fields in CNOWV2 for grading. 7 B Sorensen Manufacturing Company Income Statement For the Month Ended January 31 0 Formulas 2 1 Operating expenses: Total operating expenses 0 Inventory balances on January 31: 1 b. Materials 2 Work in process Finished goods B Data + Moss Automat Workbook State