Question
Question Content Area Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during January, the first month of its
Question Content Area
Financial Statements of a Manufacturing Firm
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
Purchased $42,900 of materials.
Used $33,000 of direct materials in production.
Incurred $49,300 of direct labor wages.
Incurred $69,500 of factory overhead.
Transferred $115,400 of work in process to finished goods.
Sold goods for $206,300.
Sold goods with a cost of $91,800.
Incurred $52,800 of selling expense.
Incurred $23,200 of administrative expense.
Using the information given, complete the following:
Question Content Area
a. Prepare the January income statement for Sorensen Manufacturing Company.
Administrative expensesGross profitRevenuesSelling expenses | $- Select - | |
Administrative expensesCost of goods soldFinished goodsWork in process | - Select - | |
Administrative expensesGross profitNet incomeSelling expenses | $- Select - | |
Operating expenses: | ||
Cost of goods soldMaterialsRevenuesSelling expenses | $- Select - | |
Administrative expensesCost of goods soldGross profitWork in process | - Select - | |
Total operating expenses | fill in the blank 53d8b5047fb6026_11 | |
Net incomeNet loss | $- Select - |
Question Content Area
b. Determine the inventory balances at the end of the first month of operations.
Inventory balances on January 31: | |
Materials | $fill in the blank 3201dffc9fbffaa_1 |
Work in process | fill in the blank 3201dffc9fbffaa_2 |
Finished goods | fill in the blank 3201dffc9fbffaa_3 |
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