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Prepare the January 2014 income statement for Chaterjee Manufacturing Company.

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The following events took place for Chaterjee Manufacturing Company during January 2014, the first month of its operations as a producer of digital thermometers;a. Purchased $95,200 of materials;b. Used $67,200 of direct materials in production;c. Incurred $128,800 of direct labor wages;d. Incurred $151,200 of factory overhead;e. Transferred $303,800 of work in process to finished goods;f. Sold goods with a cost of $280,000;g. Earned revenues of $450,000;h. Incurred $65,400 of selling expense;i. Incurred $54,600 of administrative expense;Using the above information, complete the following;a. Prepare the January 2014 income statement for Chaterjee Manufacturing Company.;b. Determine the inventory balances at the end of the first month of operations.

 

Paper#20513 | Written in 18-Jul-2015

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