What would the Income Statement and Inventory Balance look like for the below ev

Question

What would the Income Statement and Inventory Balance look like for the below events?

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 a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods. f. Sold goods for $660,000. g. Sold goods with a cost of $367,500. h. Incurred $86,200 of selling expense. i. Incurred $70,250 of administrative expense. Required: Using the information given, complete the following: 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. b. Determine the inventory balances at the end of the first month of operations.

Explanation / Answer

a

b

Digital Vibe Manufacturing Company Income Statement Sales 660000 Cost of Goods Sold 367500 Gross Profit 292500 Operating expenses: LESS Selling Expenses: 86200 LESS Admin Expenses 70250 Net Profit 136050

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