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31, 2016 a manufacturing company OBJ OBJ.3 EX 1-11 Cost of direct materials used in production for Rextacular Manufacturing Company reportec ending June 30, 2016: acuar Manufacturing Company reported the following materials data for the m Materials purchased Materials inventory, June 1 Materials inventory, June 30 $828,000 279,000 252,000 Determine the cost of direct materials used in production by Rextacular during the month ended June 30, 2016. EX 1-9 Financial statements of a manufacturing firm OBJ. 3 he following events took place for Video Wave Manufacturing Company during January 2016, the first month of its operations as a producer of digital video monitors: Purchased $133,200 of materials." b. Used $94,080 of direct materials in production. c. Incurred $180,320 of direct labor wages. d. Incurred $211,680 of factory overhead. e. Transferred $425,320 of work in process to finished goods. f. Sold goods with a cost of $365,000. g. Earned revenues of $652,000. h. Incurred $86,520 of selling expense. i. Incurred $71,250 of administrative expense Using the information given, complete the following: a. Prepare the January 2016 income statement for Video Wave Manufacturing Company b. Determine the inventory balances at the end of the first month of operation:s