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	$61,540		$84,310
Materials inventory, December 31	(a)		95,270
Materials purchased	156,310		(a)
Cost of direct materials used in production	164,930		(b)
Direct labor	232,010		189,700
Factory overhead	72,000		94,430
Total manufacturing costs incurred in December	(b)		545,490
Total manufacturing costs	587,100		748,680
Work in process inventory, December 1	118,160		203,190
Work in process inventory, December 31	99,690		(c)
Cost of goods manufactured	(c)		540,430
Finished goods inventory, December 1	104,000		94,430
Finished goods inventory, December 31	108,930		(d)
Sales	907,100		843,100
Cost of goods sold	(d)		545,490
Gross profit	(e)		(e)
Operating expenses	118,160		(f)
Net income	(f)		187,170

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:
	$
	$
		$
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:
	$
	$
		$
		$