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The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $ 3 9
The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $ of materials Used $ of direct materials in production Incurred $ of direct labor wages Applied factory overhead at a rate of of direct labor cost Transferred $ of work in process to finished goods Sold goods with a cost of $ Sold goods for $ Incurred $ of selling expenses Incurred $ of administrative expenses Required: a Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Be sure to complete the statement heading. Refer to the list of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Colons : will fill in where needed. b Determine the inventory balances at the end of the first month of operations.
The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes:
Purchased $ of materials
Used $ of direct materials in production
Incurred $ of direct labor wages
Applied factory overhead at a rate of of direct labor cost
Transferred $ of work in process to finished goods
Sold goods with a cost of $
Sold goods for $
Incurred $ of selling expenses
Incurred $ of administrative expenses
Required:
a Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Be sure to complete the statement heading. Refer to the list of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Colons : will fill in where needed.
b Determine the inventory balances at the end of the first month of operations.
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