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Financial statements of a manufacturing firm
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
Purchased $285,000 of materials.Used $205,200 of direct materials in production.Incurred $513,000 of direct labor wages.Incurred $205,200 of factory overhead.Transferred $866,400 of work in process to finished goods.Sold goods for $1,368,000.Sold goods with a cost of $769,500.Incurred $245,100 of selling expense.Incurred $142,500 of administrative expense.
Problem 1: Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar.
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