Manufacturing income, statement of cost 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 2016:

Prius Volt

Company Company

Material inventory, December 1 $ 280,280 $ 177,000

Materials inventory, December 31 (a) 180,000

Materials purchased 712,800 342,000

Cost of direct materials used production 752,400 (a)

Direct labor 1,058,400 342,000

Factory overhead 327,600 180,000

Total manufacturing cost incurred during December (b) 1,035,000

Total manufacturing costs 2, 678,400 1,477,500

Work in process inventory, December 1 540,000 442,500

Work in process inventory, December 31 453,600 (c)

Cost of goods manufactured (c) 1,024,500

Finished goods inventory, December 1 475,200 204,000

Finished goods inventory, December 31 496,800 (d)

Sales 4,140,000 1,675,500

Cost of goods sold (d) 1051,500

Gross profit (e) (e)

Operating expenses 540,000 (f)

Net income (f) 384,000

Instructions

1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare Volt Companys statement of cost of goods manufactured for December.
3. Prepare Volt Companys income statement for December.