The following events took place for Gantt Manufacturing Company during March, the first month of its operations as a producer of digital clocks:a. Purchased 65,000 of materialsb. used 50,000 of direct materials in productionc. Incurred 75,000 of direct labor wagesd. Incurred 105,000 of factory overheade. Transferred 175,000 of work in process to finished goodsf. Sold goods with a cost of 140,000g. Earned revenues of 310,000h Incurred 80,000 of selling expensesi. Incurred 35,000 of administrative expenses1. Prepare the March income statement for Gantt Manufacturing company.2. Determine the inventory balances at the end of the first month of operations.Question: The following events took place for Gantt Manufacturing Company during March, the first month of its operations as a producer of digital clocks:a. Purchased 65,000 of materialsb. used…
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