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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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B. G. Bello, a general manager of a highly automated coffee production plant in Laguna, has provided the following information for transactions that occurred during October. The production plant uses a JIT costing system. a. Raw materials costing P300,000 were purchased. b. All materials purchased were requisitioned for production. c. Direct labor costs of P200,000 were incurred. d. Actual factory overhead costs amounted to P995,000. e. Applied conversion costs totaled P1,300,000. This includes the direct labor cost. f. All units are completed and immediately sold. Compute for the following: _10. Under / (Over) applied conversion cost _11. How much is the Cost of Goods Sold after all transactions-adjustments have been completed?
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 $260,000 of materials. Used $187,200 of direct materials in production. Incurred $468,000 of direct labor wages. Incurred $187,200 of factory overhead. Transferred $790,400 of work in process to finished goods. Sold goods for $1,248,000. Sold goods with a cost of $702,000. Incurred $223,600 of selling expense. Incurred $130,000 of administrative expense. Using the information given, complete the following: Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues $ Cost of goods sold $ Gross profit $ Operating expenses: Selling expenses $ Administrative expenses S Total operating expenses $ Net income $…
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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
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