Determine the inventory balances at the end of the first

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Reference no: EM13600402

The following events took place for Air Temp Manufacturing Company during January, the first month of its operations as a producer of digital thermometers:

Purchased $68,000 of materials.
Used $48,000 of direct materials in production.
Incurred $92,000 of direct labor wages.
Incurred $108,000 of factory overhead.
Transferred $217,000 of work in process to finished goods.
Sold goods with a cost of $170,000.
Earned revenues of $325,000.
Incurred $80,000 of selling expense.
Incurred $39,000 of administrative expense.

b. Determine the inventory balances at the end of the first month of operations. (Show the transactions in T accounts for materials, work in process, and finished goods.)

Air Temp Manufacturing Company---Inventory Balances

Materials=
Work in process=
Finished goods=

Reference no: EM13600402

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