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The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:

The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
a. Purchased $138,600 of materials.
b. Used $93,540 of direct materials in production.
c. Incurred $182,560 of direct labor wages.
d. Incurred $213,040 of factory overhead.
e. Transferred $426,220 of work in process to finished goods.
f. Sold goods for $660,000.
g. Sold goods with a cost of $367,500.
h. Incurred $86,200 of selling expense.
i. Incurred $70,250 of administrative expense.
Using the information given, complete a and b.
A. Prepare the january income statement for technology treasures manufacturing company. Be sure to complete the statement heading. Revenues to net income.
B. Determine the materials inventory, work in process inventory, and finished goods inventory balances at the end of the first month of operations. Materials inventory 45,060 work in process inventory? Finished goods inventory?
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