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	$55,800		$70,870
Materials inventory, December 31	(a)		80,080
Materials purchased	141,730		(a)
Cost of direct materials used in production	149,540		(b)
Direct labor	210,370		159,460
Factory overhead	65,290		79,370
Total manufacturing costs incurred in December	(b)		458,530
Total manufacturing costs	532,340		532,340
Work in process inventory, December 1	107,140		170,800
Work in process inventory, December 31	90,400		(c)
Cost of goods manufactured	(c)		454,280
Finished goods inventory, December 1	94,300		79,370
Finished goods inventory, December 31	98,770		(d)
Sales	822,490		708,700
Cost of goods sold	(d)		458,530
Gross profit	(e)		(e)
Operating expenses	107,140		(f)
Net income	(f)		157,330

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
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:
Net Income / Net Lose: