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	$88,570		$112,480
Materials inventory, December 31	(a)		127,100
Materials purchased	224,970		(a)
Cost of direct materials used in production	237,370		(b)
Direct labor	333,910		253,080
Factory overhead	103,630		125,980
Total manufacturing costs incurred in December	(b)		727,750
Total manufacturing costs	844,960		998,830
Work in process inventory, December 1	170,050		271,080
Work in process inventory, December 31	143,480		(c)
Cost of goods manufactured	(c)		721,000
Finished goods inventory, December 1	149,680		125,980
Finished goods inventory, December 31	156,770		(d)
Sales	1,305,520		1,124,800
Cost of goods sold	(d)		727,750
Gross profit	(e)		(e)
Operating expenses	170,050		(f)
Net income	(f)		249,710

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:
	$
	$
		$
		$