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	$56,220		$75,330
Materials inventory, December 31	(a)		85,120
Materials purchased	142,800		169,490
Cost of direct materials used in production	150,670		(a)
Direct labor	211,950		(b)
Factory overhead	65,780		84,370
Total manufacturing costs incurred in December	(b)		487,390
Total manufacturing costs	536,340		536,340
Work in process inventory, December 1	107,940		181,550
Work in process inventory, December 31	91,080		(c)
Cost of goods manufactured	(c)		482,870
Finished goods inventory, December 1	95,010		84,370
Finished goods inventory, December 31	99,510		(d)
Sales	828,680		753,300
Cost of goods sold	(d)		487,390
Gross profit	(e)		(e)
Operating expenses	107,940		(f)
Net income	(f)		167,230

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
Supplies			$
Direct materials:
Materials inventory, December 1	$
Purchases
Cost of materials available for use	$
Work in process 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		$