The following events took place for Air Temp Manufacturing Company during January, the first month of its
Question:
a. Purchased $68,000 of materials.
b. Used $48,000 of direct materials in production.
c. Incurred $92,000 of direct labor wages.
d. Incurred $108,000 of factory overhead.
e. Transferred $217,000 of work in process to finished goods.
f. Sold goods with a cost of $170,000.
g. Earned revenues of $325,000.
h. Incurred $80,000 of selling expense.
i. Incurred $39,000 of administrative expense.
Using the above information, complete the following:
a. Prepare the January income statement for Air Temp Manufacturing Company.
b. Determine the inventory balances at the end of the first month of operations.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
a AIR TEMP MANUFACTURING COMPANY Income Statement For the Month Ended January 31 20 Re...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Managerial Accounting questions
-
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....
-
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 $168,500 of materials. B....
-
The following events took place for Mercury Shoe Company during May 2006, the first month of operations as a producer of athletic shoes: Purchased $155,300 of materials. Used $145,800 of direct...
-
Because of its seemingly insatiable "addiction to oil," in the past the US was and still purchases crude oil primarily from countries in the Middle East. It is said that each day, the average payment...
-
In 2017, Weisman Company had the following transactions related to the purchase of a property. All transactions are for cash unless otherwise stated. Feb. 7 Purchased real estate for $575,000. paying...
-
In Problem does the equation specify a function with independent variable x? If so, find the domain of the function. If not, find a value of x to which there corresponds more than one value of y. 6x...
-
Suppose \(V=V(S)\). Find the most general solution of the Black-Scholes equation.
-
Hinkel Rotary Engine, Ltd., produces four- and sixcylinder models of automobile engines. The firm's profit for each four-cylinder engine sold during its quarterly production cycle is $1,800 $50X1,...
-
Solve the following LP using the simplex method. 4x1 + 2x2 maximize subject to -x1 + x2 < 2 4x1 x24 x1, x2 0 Use the Danzig rule (pick a variable with the most negative coefficient in z-row) to...
-
Kampa Company and Arbor Company are similar firms that operate in the same industry. Arbor began operations in 2001 and Kampa in 1995. In 2006, both companies pay 7% interest on their debt to...
-
The following report was prepared for evaluating the performance of the plant manager of Nuuman Inc. Evaluate and correct this report. Nuuman Inc. Manufacturing Costs For the Quarter Ended June 30,...
-
Cost data for Bedford Manufacturing company for the month ending May 31, 2012, as follows: a. Prepare a cost of goods manufactured statement for May 2012. b. Determine the cost of goods sold for...
-
Name five common elements on a map for presentation.
-
Frame It sells photo frames, which are packaged in specially designed boxes. The company sells four designs namely; engagement, wedding, anniversaries, and birthdays, and currently all packaging is...
-
(a) A spherical capacitor consists of two concentric conducting spheres of radii \(R\) and \(2 R\). If the two spheres carry charges of \(+q\) and \(-q\), what is the average energy density inside...
-
Graph the lines in Problems 31-44. \(y=4 x+5\)
-
We wish to separate ethanol from water from two different feed solutions in a distillation column with a total condenser and a partial reboiler, at a column pressure of \(1 \mathrm{~atm}\). One of...
-
Graph the lines in Problems 31-44. \(y=50 x\)
-
Why might a family of funds hire subadvisors for some of its funds?
-
By referring to Figure 13.18, determine the mass of each of the following salts required to form a saturated solution in 250 g of water at 30 oC: (a) KClO3, (b) Pb(NO3)2, (c) Ce2(SO4)3.
-
Using a vanilla interest-rate swap, describe the determinants of CVA for both counterparties.
-
Day Timer Publishers Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted to be $390,000 for April and $360,000...
-
At the beginning of the 2010 school year, Britney Logan decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December...
-
Agent Blaze uses flexible budgets that are based on the following data: Sales commissions . . . . . . . . . . . . . . . . . 8% of sales Advertising expense . . . . . . . . . . . . . . . . 21% of...
-
ABC Inc. curently has a share price of $44. If they are paying a dividend of $1.13, with a cum dividend date of November 1, would would you expect their share price to be on November 2nd? Please give...
-
Does China benefit from a weak currency?Does Us benefit from a strong currency? Why? Please explain
-
You purchased 10 ASD June 45 puts and the company declares a 10% stock dividend. How are the terms of the option contract then changed?
Study smarter with the SolutionInn App