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	$68,610		$89,190
Materials inventory, December 31	(a)		100,780
Materials purchased	174,270		(a)
Cost of direct materials used in production	183,870		(b)
Direct labor	258,660		200,680
Factory overhead	80,270		99,890
Total manufacturing costs incurred in December	(b)		577,060
Total manufacturing costs	654,530		654,530
Work in process inventory, December 1	131,730		214,950
Work in process inventory, December 31	111,150		(c)
Cost of goods manufactured	(c)		571,710
Finished goods inventory, December 1	115,950		99,890
Finished goods inventory, December 31	121,440		(d)
Sales	1,011,310		891,900
Cost of goods sold	(d)		577,060
Gross profit	(e)		(e)
Operating expenses	131,730		(f)
Net income	(f)		198,000

Required:

Question Content Area

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

Letter	On Company	Off Company
a.	$fill in the blank 604621f66fd9071_1	$fill in the blank 604621f66fd9071_2
b.	$fill in the blank 604621f66fd9071_3	$fill in the blank 604621f66fd9071_4
c.	$fill in the blank 604621f66fd9071_5	$fill in the blank 604621f66fd9071_6
d.	$fill in the blank 604621f66fd9071_7	$fill in the blank 604621f66fd9071_8
e.	$fill in the blank 604621f66fd9071_9	$fill in the blank 604621f66fd9071_10
f.	$fill in the blank 604621f66fd9071_11	$fill in the blank 604621f66fd9071_12

Question Content Area

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

Indirect laborMachinery depreciationSuppliesWork in process inventory, December 1			$- Select -
Direct materials:
Direct laborFactory overheadMaterials inventory, December 1Work in process inventory, December 31	$- Select -
Factory overheadOperating expensesPurchasesSales	- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use	$- Select -
Indirect laborMaterials inventory, December 31Work in process inventory, December 1Work in process inventory, December 31	- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use		$- Select -
Cost of goods soldDirect laborIndirect laborWork in process inventory, December 1		- Select -
Cost of materials available for useDirect materialsFactory overheadPurchases		- Select -
Total manufacturing costs incurred during December			fill in the blank 13c756ff301e018_17
Total manufacturing costs			$fill in the blank 13c756ff301e018_18
Cost of materials available for useDirect materialsMaterials inventory, December 31Work in process inventory, December 31			- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use			$- Select -

Question Content Area

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

On Company Income Statement For the Month Ended December 31

Cost of goods soldGross profitIndirect laborSales		$- Select -
Cost of goods sold:
Finished goods inventory, December 1Finished goods inventory, December 31Operating expensesSales	$- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use	- Select -
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of materials available for use	$- Select -
Finished goods inventory, December 1Finished goods inventory, December 31Operating expensesSales	- Select -
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for use		- Select -
Cost of goods soldGross profitOperating expensesSales		$- Select -
Direct laborFactory overheadFinished goods inventory, December 1Operating expenses		- Select -
Net incomeNet loss		$- Select -