The following events took place for Digital Vibe Manufacturing
Company during March, the first month of its operations as a
producer of digital video monitors:
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a. Purchased $137,800 of
materials. |
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b. Used $94,100 of direct materials
in production. |
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c. Incurred $184,800 of direct
labor wages. |
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d. Incurred $212,720 of factory
overhead. |
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e. Transferred $423,160 of work in
process to finished goods. |
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f. Sold goods for $645,000. |
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g. Sold goods with a cost of
$365,000. |
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h. Incurred $86,260 of selling
expense. |
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i. Incurred $71,950 of
administrative expense. |
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Required: |
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Using the information given,
complete the following:
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a. Prepare the March income
statement for Digital Vibe Manufacturing Company. Refer to the
Amount Descriptions list provided for the exact wording of the
answer choices for text entries. |
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b. Determine the inventory balances at the end of the first
month of operations.
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Digital Vibe Manufacturing Company
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Income Statement
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For the Month Ended March 31
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1
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. |
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|
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2
|
. |
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|
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3
|
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|
|
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4
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.Operating expenses:
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|
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5
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. |
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|
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6
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. |
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|
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7.
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Total operating expenses
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|
|
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8
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. |
|
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b. Using the information given, determine the inventory balances
at the end of the first month of operations.
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Materials $__________________ |
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Work in process
$_____________________ |
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Finished goods
$________________ |
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