Reference no: EM13754087
Financial Statements of a Manufacturing Firm
The following events took place for LAE Manufacturing Company during January 2014, the first month of its operations as a producer of digital thermometers:
Purchased $56,700 of materials
Used $43,700 of direct materials in production.
Incurred $65,200 of direct labor wages.
Incurred $91,900 of factory overhead.
Transferred $152,500 of work in process to finished goods.
Sold goods with a cost of $121,300.
Earned revenues of $272,700.
Incurred $69,700 of selling expenses.
Incurred $30,600 of administrative expenses.
a. Prepare the January 2014 income statement for LAE Manufacturing Company.
b. Determine the inventory balances at the end of the first month of operations.
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Financial statements of a manufacturing firm
: The following events took place for LAE Manufacturing Company during January 2014, the first month of its operations as a producer of digital thermometers: Prepare the January 2014 income statement for LAE Manufacturing Company. Determine the invento..
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