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	$58,370		$79,970
Materials inventory, December 31	(a)		90,370
Materials purchased	148,260		179,930
Cost of direct materials used in production	156,430		(a)
Direct labor	220,050		(b)
Factory overhead	68,290		89,570
Total manufacturing costs incurred in December	(b)		517,410
Total manufacturing costs	556,850		556,840
Work in process inventory, December 1	112,070		192,730
Work in process inventory, December 31	94,560		(c)
Cost of goods manufactured	(c)		512,610
Finished goods inventory, December 1	98,650		89,570
Finished goods inventory, December 31	103,310		(d)
Sales	860,370		799,700
Cost of goods sold	(d)		517,410
Gross profit	(e)		(e)
Operating expenses	112,070		(f)
Net income	(f)		177,530

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:
	$
	$
		$
		$