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Financial Statements of a Manufacturing Firm The following events took place for LAE Manufacturing Company during...

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 $53,600 of materials

Used $41,300 of direct materials in production.

Incurred $61,600 of direct labor wages.

Incurred $86,800 of factory overhead.

Transferred $144,200 of work in process to finished goods.

Sold goods with a cost of $114,700.

Earned revenues of $257,800.

Incurred $65,900 of selling expenses.

Incurred $28,900 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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