The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $68,200 of materials. b. Used $52,500 of direct materials in production. c. Incurred $78,400 of direct labor wages. d. Incurred $110,500 of factory overhead. e. Transferred $183,500 of work in process to finished goods. f. Sold goods for $328,000. g. Sold goods with a cost of $145,900. h. Incurred $83,900 of selling expense. i. Incurred $36,800 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Operating expenses: Total operating expenses b. Determine the inventory balances at the end of the first month of operations. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods

Baird Watches, Incorporated makes watches. Its assembly department started the accounting period with a beginning inventory balance of $25,500. During the accounting period, the department incurred $45,000 of transferred-in cost, $24,000 of materials cost, $68,000 of labor cost, and $40,450 of applied overhead cost. The department processed 6,150 total equivalent units of product during the accounting period. Required (Each requirement is independent of the other.) a. Assuming that 1,300 equivalent units of product were in the ending work in process inventory, determine the amount of cost transferred out of the Work in Process Inventory account of the assembly department to the Finished Goods Inventory account. What was the assembly department's cost of ending work in process inventory? b. Assuming that 5,600 units of product were transferred out of the assembly department's work in process inventory to finished goods inventory, determine the amount of the assembly department's cost of…

digital

I figured out the materials inventory, but how do I find the WIP and Finished goods inventory?

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 $61,300 of materials. Used $47,200 of direct materials in production. Incurred $70,500 of direct labor wages. Incurred $99,300 of factory overhead. Transferred $164,900 of work in process to finished goods. Sold goods for $294,900. Sold goods with a cost of $131,200. Incurred $75,400 of selling expense. Incurred $33, 100 of administrative expense. Using the information given, complete the following: Question Content Area a. Prepare the January income statement for Sorensen Manufacturing Company.

A. Prepare the January income statement for a Sorensen manufacturing company

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 $66,200 of materials. Used $51,000 of direct materials in production. Incurred $76,100 of direct labor wages. Incurred $107,200 of factory overhead. Transferred $178,100 of work in process to finished goods. Sold goods for $318,400. Sold goods with a cost of $141,700. Incurred $81,400 of selling expense. Incurred $35,700 of administrative expense. Using the information given, complete the following: a.  Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Income Statement For the Month Ended January 31     $fill in the blank 968c70038fb3069_2     fill in the blank 968c70038fb3069_4     $fill in the blank 968c70038fb3069_6 Operating expenses:       $fill in the blank 968c70038fb3069_8     fill in the blank 968c70038fb3069_10   Total…

Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,800 in raw materials were purchased for cash. b. $71,200 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,700 were incurred and paid. Of this amount, $134,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid. e. Manufacturing overhead of $121,200 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…