Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: • Purchased $320,000 of...

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Extracted text: Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: • Purchased $320,000 of materials • Used $275,000 of direct materials in production •Incurred $236,000 of direct labor wages • Applied factory overhead at a rate of 75% of direct labor cost •Transferred $652,000 of work in process to finished goods • Sold goods with a cost of $630,000 • Sold goods for $1,120,000 •Incurred $252,800 of selling expenses • Incurred $100,000 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Focault Inc. Income Statement For the Month Ended July 31, 20Y2 Selling and administrative expenses: Total selling and administrative expenses b. Determine the inventory balances at the end of the first month of operations. Materials inventory, July 31 Work in process inventory, July 31 Finished goods inventory, July 31 %24 %24


Extracted text: Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 285 $30.00 $8,550 40 130 $32.00 May 4 91 365 May 10 44 110 38.00 May 21 97 100 May 27 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work C. Journalize the summary entry to transfer materials to work in process. Work in Process / Materials %24