Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during...
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Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Materials purchased Direct materials used in production Direct labor wages Factory overhead Work in process transferred to finished goods Sales revenue Cost of goods sold Selling expense Administrative expense DATA a. Select the corresponding accounts in the dropdowns in cells B21:B23, B25:B26, B28. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric results for the green entry cells (D21:D23, C25:C26, D27:D28, C31:C33) into the appropriate fields in CNOWV2 for grading. Operating expenses: Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Total operating expenses $225,000 162,000 405,000 162,000 684,000 1,080,000 607,500 193,500 112,500 Inventory balances on January 31: b. Materials Work in process Finished goods Formulas Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Revenues ✓ Cost of goods sold Gross profit ✓ Operating expenses: Selling expenses Net income Administrative expenses Total operating expenses Income Statement For the Month Ended January 31 ✓ ✓ Work in process Finished goods ✓ Inventory balances on January 31: Materials 193,500 ✔ 112,500 ✔ b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 X 607,500 ✓ X Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Materials purchased Direct materials used in production Direct labor wages Factory overhead Work in process transferred to finished goods Sales revenue Cost of goods sold Selling expense Administrative expense DATA a. Select the corresponding accounts in the dropdowns in cells B21:B23, B25:B26, B28. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric results for the green entry cells (D21:D23, C25:C26, D27:D28, C31:C33) into the appropriate fields in CNOWV2 for grading. Operating expenses: Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Total operating expenses $225,000 162,000 405,000 162,000 684,000 1,080,000 607,500 193,500 112,500 Inventory balances on January 31: b. Materials Work in process Finished goods Formulas Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Revenues ✓ Cost of goods sold Gross profit ✓ Operating expenses: Selling expenses Net income Administrative expenses Total operating expenses Income Statement For the Month Ended January 31 ✓ ✓ Work in process Finished goods ✓ Inventory balances on January 31: Materials 193,500 ✔ 112,500 ✔ b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 X 607,500 ✓ X
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Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
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