Please do not give solution in image format thanku Financial Statements of a Manufacturing FirmThe 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 $48,900 of materialsb. Used $37,700 of direct materials in production.c. Incurred $55,200 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.g. 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 income statement for Digital Vibe Manufacturing Company.Digital Vibe Manufacturing CompanyIncome StatementFor the Month Ended January 31Revenues✓Cost of goods soldGross profitOperating expenses:Selling expenses✓Administrative expensesTotal operating expensesNet income8000 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 CompanyInventory BalancesFor the Month Ended January 31Inventory balances on January 31:MaterialsWork in processFinished goods000

In this question, we will calculate the income statement and inventory balances, Income statement…

he following events took place for Digital Vibe Manufact . Purchased $48,900 of materials . Used $37,700 of direct materials in production. . Incurred $56,200 of direct labor wages. 1. Incurred $79,200 of factory overhead. . Transferred $131,500 of work in process to finished g . Sold goods for $235,200. Sold goods with a cost of $104,600. . Incurred $60,100 of selling expenses. 1. Incurred $26,400 of administrative expense. sing the information given, complete the following:

he following events took place for Digital Vibe Manufact . Purchased $48,900 of materials . Used $37,700 of direct materials in production. . Incurred $56,200 of direct labor wages. 1. Incurred $79,200 of factory overhead. . Transferred $131,500 of work in process to finished g . Sold goods for $235,200. Sold goods with a cost of $104,600. . Incurred $60,100 of selling expenses. 1. Incurred $26,400 of administrative expense. sing the information given, complete the following:

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 9E: Financial statements of a manufacturing firm The following events took place for Sorensen...

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