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Manufacturing Income Statement, Statement of Cost of Goods Manufactured

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.

	On Company		Off Company
Materials inventory, December 1	$61,470		$77,450
Materials inventory, December 31	(a)		87,520
Materials purchased	156,130		(a)
Cost of direct materials used in production	164,740		(b)
Direct labor	231,740		174,260
Factory overhead	71,920		86,740
Total manufacturing costs incurred in December	(b)		501,100
Total manufacturing costs	586,420		687,750
Work in process inventory, December 1	118,020		186,650
Work in process inventory, December 31	99,580		(c)
Cost of goods manufactured	(c)		496,450
Finished goods inventory, December 1	103,880		86,740
Finished goods inventory, December 31	108,800		(d)
Sales	906,070		774,500
Cost of goods sold	(d)		501,100
Gross profit	(e)		(e)
Operating expenses	118,020		(f)
Net income	(f)		171,940

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Letter	On Company	Off Company
a.	$fill in the blank 385df008801005b_1	$fill in the blank 385df008801005b_2
b.	$fill in the blank 385df008801005b_3	$fill in the blank 385df008801005b_4
c.	$fill in the blank 385df008801005b_5	$fill in the blank 385df008801005b_6
d.	$fill in the blank 385df008801005b_7	$fill in the blank 385df008801005b_8
e.	$fill in the blank 385df008801005b_9	$fill in the blank 385df008801005b_10
f.	$fill in the blank 385df008801005b_11	$fill in the blank 385df008801005b_12

2. Prepare On Company's statement of cost of goods manufactured for December.

On Company Statement of Cost of Goods Manufactured For the Month Ended December 31

Indirect laborMachinery depreciationSuppliesWork in process inventory, December 1			$- Select -
Direct materials:
Direct laborFactory overheadMaterials inventory, December 1Work in process, December 31	$- Select -
Factory overheadOperating expensesPurchasesSales	- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use	$- Select -
Less Indirect laborLess materials inventory, December 31Less work in process inventory, December 1Less work in process, December 31	- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use		$- Select -
Cost of goods soldDirect laborIndirect laborWork in process inventory, December 1		- Select -
Cost of materials available for useDirect materialsFactory overheadPurchases		- Select -
Total manufacturing costs incurred during December			fill in the blank eefb65fd004efd7_17
Total manufacturing costs			$fill in the blank eefb65fd004efd7_18
Less cost of materials available for useLess direct materialsLess materials inventory, December 31Less work in process inventory, December 31			- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use			$- Select -

3. Prepare On Company's income statement for December.

On Company Income Statement For the Month Ended December 31

Cost of goods soldGross profitIndirect laborSales		$- Select -
Cost of goods sold:
Finished goods inventory, December 1Finished goods inventory, December 31Operating expensesSales	$- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use	- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of materials available for use	$- Select -
Less finished goods inventory, December 1Less finished goods inventory, December 31Less operating expensesLess sales	- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use		- Select -
Cost of goods soldGross profitOperating expensesSales		$- Select -
Direct laborFactory overheadFinished goods inventory, December 1Operating expenses		- Select -
Net incomeNet loss		$- Select -