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 $73,320 $101,130 Materials inventory, December 31 (a) 114,280 Materials purchased 187,500 (a) Cast of direct materials used in production 197,340 (b) Direct labor 278,300 227,540 Factory overhead 86,370 113,270 Total manufacturing costs incurred in December (b) 654,310 Total manufacturing costs 704,240 704,240 Work in process inventory, December 1 141,730 243,720 Work in process inventory, December 31 119,590 (c) Cast of goods manufactured (c) 648,240 Finished goods inventory, December 1 124,760 113,270 Finished goods inventory, December 31 130,660 (d) Sales 1,088,110 1,011,300 Cost of goods sold (d) 654,310 Gross profit (e) (e) Operating expenses 141,730 (f) Net income (f) 224,510 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. 63,480 b. 562,510 C. 584,650 d. HA 578,750 e. 509,360 f. LA 367,6302. 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 1 101,130 X Direct materials: Materials inventory, December 1 Purchases Cost of materials available for use 10010 Materials inventory, December 31 Cost of direct materials used in production Direct labor E Factory overhead Total manufacturing costs incurred during December 10 Total manufacturing costs Work in process inventory, December 31 Cost of goods manufactured3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 Sales Cost of goods sold: Finished goods inventory, December 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31 Cost of goods sold Gross profit Operating expenses Net incomeStatement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $244,110 $297,310 Work in process 439,400 405,020 Finished goods 422,310 413,960 Advertising expense $202,210 Depreciation expenseoffice equipment 28,590 Depreciation expensefactory equipment 38,420 Direct labor 458,630 Heat, light, and powerfactory 15,190 Indirect labor 53,610 Materials purchased 449,690 Ofce salaries expense 156,950 Property taxes-factory 12,510 Property taxesheadquarters building 25,910 Rent expense-factory 21,140 Sales 2,105,520 Sales salaries expense 258,500 Suppliesfactory 10,420 Miscellaneous costsfactory 6,550 Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 Work in process inventory, January 1, 20Y6 to Direct materials: Materials inventory, January 1, 20Y6 Purchases Cost of materials available for use Materials inventory, December 31, 20Y6 Cost of direct materials used in production V Direct labor Factory overhead: Indirect labor Depreciation expense-factory equipment Heat, light, and power-factory Property taxes-factory Rent expense-factory Supplies-factory V Miscellaneous costs-factory Total factory overhead Total manufacturing costs incurred in 20Y6 Total manufacturing costs Work in process inventory, December 31, 20Y6 V Cost of goods manufactured2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Sales to Cost of good sold: Finished goods inventory, January 1, 20Y6 Cost of goods manufactured Cost of finished goods available for sale V Finished goods inventory, December 31, 20Y6 V Cost of goods sold Gross profit Operating expenses: Administrative expenses: Office salaries expense 100 Depreciation expense-office equipment Property taxes-headquarters building +A Selling expenses: Advertising expense Sales salaries expense Total operating expenses Net incomeCosts and Balances At the end of Februaw, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the ow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory $3,000 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $11,700 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $28,700 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period $7,000 less than Cost of Goods Sold Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory $:] 35:] Direct Materials Used C Work in Process Inventow 21,000 :1 Direct Labor Incurred C] Finished Goods Inventory :i 17,000 Factory Overhead Incurred [:] Cost of Goods Sold