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	$61,380		$77,340
Materials inventory, December 31	(a)		87,390
Materials purchased	155,910		(a)
Cost of direct materials used in production	164,500		(b)
Direct labor	231,400		174,020
Factory overhead	71,810		86,620
Total manufacturing costs incurred in December	(b)		500,390
Total manufacturing costs	585,560		585,560
Work in process inventory, December 1	117,850		186,390
Work in process inventory, December 31	99,440		(c)
Cost of goods manufactured	(c)		495,750
Finished goods inventory, December 1	103,730		86,620
Finished goods inventory, December 31	108,640		(d)
Sales	904,740		773,400
Cost of goods sold	(d)		500,390
Gross profit	(e)		(e)
Operating expenses	117,850		(f)
Net income	(f)		171,690

Required :

1. Determine the amounts of the missing items, identifying them by letter: Enter all amounts as positive numbers.

a. 52,790 correct

b. 467,710 correct

c. 486, 120 correct

d. 481, 210 correct

e. 423, 530 correct

f. 305, 680 correct

Off Company

a. ?

b. 239,750 correct

c. ? d.? e. ?

f. ?

Please explain how you get the answer