The company incurred operating expenses of $$60,000$ during the month. Assume that $80\%$ of these were for marketing and administrative salaries and the other $20\%$ were lease and utility bills related to the corporate headquarters. The expenses will be paid later.

In order to prepare its January financial statements, the company had to close its Manufacturing Overhead account.

Begin by preparing the analysis of the manufacturing overhead account prior to closing. $($Select the journal entry numbers from transactions $1$ through $8$ as posting references when posting to the Manufacturing Overhead T$-$account.$)$

Now record the journal entry. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Journal Entry

$\backslash$table$[[$Date$,$Accounts,Debit,$],[9.,,,]]$

Prepare the January income statement for Fashion Fabrics based on the transactions recorded in transactions $1$ through $9.$

Fashion Fabrics