Managerial Accounting Concepts and Principles PR 18-4B 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 2014: OBJ. 2, 3 Company Materials inventory, December1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross proft Operating expenses Net income 65,800 $ 195,300 91,140 282,800 317,800 387,800 148,400 577,220 1,519,000 ,727,320 973,000 119,000 172,200 1,532,020 269,080 224,000 197,400 1,127,000 1,944,320 1,545,040 117,600 164,920 Instructions 1. Determine the amounts of the missing items, identifying them by letter. 2. Prepare On Company's statement of cost of goods manufactured for December. 3. Prepare On Company's income statement for December. PR 18-5B Statement of cost of goods manufactured and income statement for a oBJ.2,3 manufacturing company The following information is available for Shanika Company for 2014: December 31 95,550 Inventories Work in process Finished goods $77,350 109,200 113,750 100,100