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:.
Purchased $232,000 of materials.
Used $167,040 of direct materials in production.
Incurred $417,600 of direct labor wages.
Incurred $167,000 of factory overhead.
Transferred $705,300 of work in process to finished goods.
Sold goods for $1,113,600.
Sold goods with a cost of $626,400.
Incurred $199,500 of selling expense.
Incurred $116,000 of administrative expense.
Using the information given, complete the following:.
a. Prepare the January 2014 income statement for LAE Manufacturing Company.
b. Determine the inventory balances at the end of the first month of operations.

When paul o’neill joined alcoa as ceo, he set a , that there would be zero workplace accidents. a lot of people in the organization thought this was impossible given how dangerous some aluminum-manufacturing jobs are, but alcoa’s safety record improved tremendously. as the board of governors of the american red cross considers planning, one option is to make strategic plans and then direct managers to align tactical and operational plans accordingly. another option is to have planning specialists managers across the organization make their own plans. why might this organization’s executives opt for the latter approach? check all that apply. (a) the environment is a dynamic one, and department and frontline managers can come up with more responsive plans than can central leadership. (b)resources will be better coordinated across the organization in support of the overall strategy.(c) senior leadership will have more control over the organization’s direction. (d)when managers come up with their own plans, they are likely to be more committed to following through on them.