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 $64,540 $81,970 Materials inventory, December 31 (a) 92,630 Materials purchased 163,930 (0) Cost of direct materials used in production 172,970 (b) Direct labor 243,320 184,430 Factory overhead 75,510 91,810 Total manufacturing costs incurred in December (b) 530,350 Operating expenses Net income 123,920 (f) (f) 181,970 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter a. b. C. d. e. - On Company 55,500 V 491,800 V 511,170 506,000 445,320 321,400 Off Company 254,110 X 264,770 X $ 90,290 86,890 289,350 107,380 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 Direct materials: Materials inventory, December 1 Purchases Cost of materials available for use Materials inventory, December 31 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December 31 Cost of goods manufactured 109,800 81,970 163,930 202,450 49,180 153,270 215,610 66,910 435,790 545,590 926,500 452,940 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 Sales 842,980 X Cost of goods sold: Finished goods inventory, December 1 96,650 X Cost of goods manufactured 452,940 X Cost of finished goods available for sale V 549,590 X Finished goods inventory, December 31 101,230 X Cost of goods sold 448,360 X Gross profit Operating expenses Net income 394,620 X 109,800 X 284,820 X