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 CompanyOff Company

Materials inventory, December 1$75,080 $96,850

Materials inventory, December 31(a) 109,440

Materials purchased190,700 (a)

Cost of direct materials used in production201,210 (b)

Direct labor283,050 217,910

Factory overhead87,840 108,470

Total manufacturing costs incurred in December(b) 626,620

Total manufacturing costs716,250 716,250

Work in process inventory, December 1144,150 233,410

Work in process inventory, December 31121,630 (c)

Cost of goods manufactured(c) 620,810

Finished goods inventory, December 1126,890 108,470

Finished goods inventory, December 31132,890 (d)

Sales1,106,680 968,500

Cost of goods sold(d) 626,620

Gross profit(e) (e)

Operating expenses144,150 (f)

Net income(f) 215,010

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

LetterOn CompanyOff 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

$

Direct materials:

$

$

$

Total manufacturing costs incurred during December

Total manufacturing costs$

$

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

On Company

Income Statement

For the Month Ended December 31

$

Cost of goods sold:

$

$

$

$