10 Nov Financial statements of a manufacturing firmThe fo
Financial statements of a manufacturing firmThe following events took place for Air Temp Manufacturing Company during January, the first month of its operations as a producer of digital thermometers: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.
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