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	$65,930		$86,370
Materials inventory, December 31	(a)		97,600
Materials purchased	167,460		(a)
Cost of direct materials used in production	176,690		(b)
Direct labor	248,560		194,330
Factory overhead	77,140		96,730
Total manufacturing costs incurred in December	(b)		558,810
Total manufacturing costs	628,980		628,980
Work in process inventory, December 1	126,590		208,150
Work in process inventory, December 31	106,810		(c)
Cost of goods manufactured	(c)		553,630
Finished goods inventory, December 1	111,420		96,730
Finished goods inventory, December 31	116,700		(d)
Sales	971,810		863,700
Cost of goods sold	(d)		558,810
Gross profit	(e)		(e)
Operating expenses	126,590		(f)
Net income	(f)		191,740

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.	$fill in the blank 31df350a4fa005b_1	$fill in the blank 31df350a4fa005b_2
b.	$fill in the blank 31df350a4fa005b_3	$fill in the blank 31df350a4fa005b_4
c.	$fill in the blank 31df350a4fa005b_5	$fill in the blank 31df350a4fa005b_6
d.	$fill in the blank 31df350a4fa005b_7	$fill in the blank 31df350a4fa005b_8
e.	$fill in the blank 31df350a4fa005b_9	$fill in the blank 31df350a4fa005b_10
f.	$fill in the blank 31df350a4fa005b_11	$fill in the blank 31df350a4fa005b_12

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			$fill in the blank ae2b8efcfff5001_2
Direct materials:
Materials inventory, December 1	$fill in the blank ae2b8efcfff5001_4
Purchases	fill in the blank ae2b8efcfff5001_6
Cost of materials available for use	$fill in the blank ae2b8efcfff5001_8
Materials inventory, December 31	fill in the blank ae2b8efcfff5001_10
Cost of direct materials used in production		$fill in the blank ae2b8efcfff5001_12
Direct labor		fill in the blank ae2b8efcfff5001_14
Factory overhead		fill in the blank ae2b8efcfff5001_16
Total manufacturing costs incurred during December			fill in the blank ae2b8efcfff5001_17
Total manufacturing costs			$fill in the blank ae2b8efcfff5001_18
Work in process inventory, December 31			fill in the blank ae2b8efcfff5001_20
Cost of goods manufactured			$fill in the blank ae2b8efcfff5001_22

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

On Company
Income Statement
For the Month Ended December 31
Sales		$fill in the blank 9cfed901605507b_2
Cost of goods sold:
Finished goods inventory, December 1	$fill in the blank 9cfed901605507b_4
Cost of goods manufactured	fill in the blank 9cfed901605507b_6
Cost of finished goods available for sale	$fill in the blank 9cfed901605507b_8
Finished goods inventory, December 31	fill in the blank 9cfed901605507b_10
Cost of goods sold		fill in the blank 9cfed901605507b_12
Gross profit		$fill in the blank 9cfed901605507b_14
Operating expenses		fill in the blank 9cfed901605507b_16
Net income		$fill in the blank 9cfed901605507b_18