the following events took place for LAE Manufacturing during march, the first month of its operations as prodcuer of digital clocks.

a. purchased $52,000 of materials
b. used $40,000 of direct materials in production
c. incurred $60,000 of direct labor wages
d.incurred $84,000 of factory overhead
e. transferred $140,000 of work in progress to finished
f. sold good with with a cost of $110,000
g. earned revenues of $250,000
h. incurred $64,000 of selling expenses
i. incurred $28,000 of administrative expenses

Question

the following events took place for LAE Manufacturing during march, the first month of its operations as prodcuer of digital clocks.

a. purchased $52,000 of materials 
b. used $40,000 of direct materials in production
c. incurred $60,000 of direct labor wages
d.incurred $84,000 of factory overhead 
e. transferred $140,000 of work in progress to finished
f. sold good with with a cost of $110,000
g. earned revenues  of $250,000
h. incurred $64,000 of selling expenses
i. incurred $28,000 of administrative expenses

anonymous · Answer

a. prepare the march income statement for LAE 
B. Determine the inventory balances at the end of the first month of operations