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	$65,800		$195,300
Materials inventory, December 31	(a)		91,140
Materials purchased	282,800		(a)
Cost of direct materials used in production	317,800		(b)
Direct labor	387,800		577,220
Factory overhead	148,400		256,060
Total manufacturing costs incurred in December	(b)		1,519,000
Total manufacturing costs	973,000		1,727,320
Work in process inventory, December 1	119,000		208,320
Work in process inventory, December 31	172,200		(c)
Cost of goods manufactured	(c)		1,532,020
Finished goods inventory, December 1	224,000		269,080
Finished goods inventory, December 31	197,400		(d)
Sales	1,127,000		1,944,320
Cost of goods sold	(d)		1,545,040
Gross profit	(e)		(e)
Operating expenses	117,600		(f)
Net income	(f)		164,920

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		$