Question
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
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:
$
$
$
$
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