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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
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 Off Company Company Materials Inventory, December 1 $77,500 $106,180 Materials Inventory, December 31 (a) 119,980 Materials purchased 196,850 (a) Cost of direct materials used in production 207,700 (b) Direct labor 292,180 238,910 Factory overhead 90,680 118,920 Total manufacturing costs incurred in December (b) 686,980 Total manufacturing costs 739,360 942,870 Work in process inventory, December 1 148,800 255,890 Work in process inventory, December 31 125,550 (c) Cost of goods manufactured: (c) 680,610 Finished goods inventory, December 1 130,980 118,920 Finished goods inventory, December 31 Sales 137,100 (d) 1,142,350 1,061,000 Cost of goods sold (d) 686,980 Cost of goods sold Gross profit Operating expenses Net income (d) 686,980 (e) (e) 148,800 (f) (f) 235,720 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter On Company Off Company V B. C P 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: Direct materials: On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 K 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 31 000 10000
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