Reference no: EM132778702
Problem - The following 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 $168,500 of materials.
b. Used $149,250 of direct materials in production.
c. Incurred $360,000 of direct labor wages.
d. Incurred $120,000 of factory overhead.
e. Transferred $600,000 of work in process to finished goods.
f. Sold goods for $875,000.
g. Sold goods with a cost of $525,000.
h. Incurred $125,000 of selling expense.
i. Incurred $80,000 of administrative expense.
Required - Using the information given, complete the following:
a. Prepare the January income 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.
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