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	$85,140		$111,530
Materials inventory, December 31	(a)		126,030
Materials purchased	216,260		(a)
Cost of direct materials used in production	228,180		(b)
Direct labor	320,980		250,940
Factory overhead	99,610		124,910
Total manufacturing costs incurred in December	(b)		721,600
Total manufacturing costs	812,240		812,240
Work in process inventory, December 1	163,470		268,790
Work in process inventory, December 31	137,930		(c)
Cost of goods manufactured	(c)		714,910
Finished goods inventory, December 1	143,890		124,910
Finished goods inventory, December 31	150,700		(d)
Sales	1,254,960		1,115,300
Cost of goods sold	(d)		721,600
Gross profit	(e)		(e)
Operating expenses	163,470		(f)
Net income	(f)		247,600

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 b27a5dfbbffcfd3_1	$fill in the blank b27a5dfbbffcfd3_2
b.	$fill in the blank b27a5dfbbffcfd3_3	$fill in the blank b27a5dfbbffcfd3_4
c.	$fill in the blank b27a5dfbbffcfd3_5	$fill in the blank b27a5dfbbffcfd3_6
d.	$fill in the blank b27a5dfbbffcfd3_7	$fill in the blank b27a5dfbbffcfd3_8
e.	$fill in the blank b27a5dfbbffcfd3_9	$fill in the blank b27a5dfbbffcfd3_10
f.	$fill in the blank b27a5dfbbffcfd3_11	$fill in the blank b27a5dfbbffcfd3_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 5eb10d02f03001e_17
Total manufacturing costs			$fill in the blank 5eb10d02f03001e_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 -