Question
eBook Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data
eBook
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.
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.
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 - |
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