Reference no: EM131260895
The following events took place for Los Arcos Eastern Manufacturing during January 2014, the first month of its operations as a producer of digital thermometers:
Purchased $50,800 of materials
Used $39,100 of direct materials in production.
Incurred $58,400 of direct labor wages.
Incurred $82,300 of factory overhead.
Cost of goods completed $136,700 was transferred from work in process to finished goods.
Cost of the goods sold totaled $108,700.
Earned revenues of $244,300.
Incurred $62,500 of selling expenses.
Incurred $27,400 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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: The following events took place for Los Arcos Eastern Manufacturing during January 2014, the first month of its operations as a producer of digital thermometers: Prepare the January 2014 income statement for LAE Manufacturing Company. Determine the i..
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