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	$75,790		$102,320
Materials inventory, December 31	(a)		115,620
Materials purchased	192,510		230,220
Cost of direct materials used in production	203,120		(a)
Direct labor	285,730		(b)
Factory overhead	88,670		114,600
Total manufacturing costs incurred in December	(b)		662,010
Total manufacturing costs	723,040		723,040
Work in process inventory, December 1	145,520		246,590
Work in process inventory, December 31	122,780		(c)
Cost of goods manufactured	(c)		655,870
Finished goods inventory, December 1	128,090		114,600
Finished goods inventory, December 31	134,150		(d)
Sales	1,117,140		1,023,200
Cost of goods sold	(d)		662,010
Gross profit	(e)		(e)
Operating expenses	145,520		(f)
Net income	(f)		227,150

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.	$	$
b.	$	$
c.	$	$
d.	$	$
e.	$	$
f.	$	$

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
Work in process inventory, December 1			$
Direct materials:
Materials inventory, December 1	$
Purchases
Cost of materials available for use	$
Materials inventory, December 31
Cost of direct materials used in production		$
Direct labor
Factory overhead
Total manufacturing costs incurred during December
Total manufacturing costs			$
Work in process inventory, December 31
Cost of goods manufactured			$

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

On Company
Income Statement
For the Month Ended December 31
Sales		$
Cost of goods sold:
Finished goods inventory, December 1	$
Cost of goods manufactured
Cost of finished goods available for sale	$
Finished goods inventory, December 31
Cost of goods sold
Gross profit		$
Operating expenses
Net income		$