Financial Statements of a Manufacturing Firm
The following events took place for LAE Manufacturing Company during January 2014, the first month of its operations as a producer of digital thermometers:
Purchased $68,100 of materials
Used $52,400 of direct materials in production.
Incurred $78,300 of direct labor wages.
Incurred $110,300 of factory overhead.
Transferred $183,200 of work in process to finished goods.
Sold goods with a cost of $145,700.
Earned revenues of $327,600.
Incurred $83,800 of selling expenses.
Incurred $36,800 of administrative expenses.