the following event took place for Gantt Manufacturing Co during Mar, the first month of its operations as producer of digital clocks

a. prepare the Mar income statement for GMC b. determine the inventory balance at the end of 1st month of operations

a. purchased $65,000 of material e. transferred $175,000 of work in process to finished goods b. used $50,000 of direct material in production f. solds goods w/ cost of $140,000 c. used incurred $75,000 of direct labor wages g. earned rev of $310,000 d. used incurred $105,000 factory overhead h. incurred $80,000 selling exp i. incurred $35,000 admin exp