The following events took place for Billy Adams Manufacturing Company during January, the first month of its operations as a producer of thermometers: a. Purchased $73,000 of materials. b. Used $53,000 of direct materials in production. c. Incurred $96,000 of direct labor wages. d. Incurred $115,000 of factory overhead. e. Transferred $201,000 of work in process to finished goods. f. Sold goods with a cost of $193,000. & Earned revenues of $450,000. h. Incurred $75,000 of selling expense. i. Incurred $41,500 of administrative expense. Using the above information, complete the following: a. Prepare the January income statement for Billy Adams Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.

The following events took place for Billy Adams Manufacturing Company during January, the first month of its operations as a producer of thermometers: a. Purchased $73,000 of materials. b. Used $53,000 of direct materials in production. c. Incurred $96,000 of direct labor wages. d. Incurred $115,000 of factory overhead. e. Transferred $201,000 of work in process to finished goods. f. Sold goods with a cost of $193,000. & Earned revenues of $450,000. h. Incurred $75,000 of selling expense. i. Incurred $41,500 of administrative expense. Using the above information, complete the following: a. Prepare the January income statement for Billy Adams Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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