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The fotlowing events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors;
The fotlowing events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors; a. Purchased $48,900 of materials b. Used $37,700 of direct materials in production: c. Incurred $56,200 of direct labor wages. d. Incurred $79,200 of factory overhead. e. Transferred $131,500 of work in process to finished goods. f. Sold goods for $235,200. 0. Sold goods with a cost of $104,600. h. Incurred $60,100 of selling expenses. i. Incurred $26,400 of administrative expense. Using the information given, complete the following: a. Prepare the January incorme statement for Digital vibe Manufacturing Company: b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31 : Materials Work in process Finished goods
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