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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
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 | $76,800 | $98,300 | ||
Materials inventory, December 31 | (a) | 111,080 | ||
Materials purchased | 195,070 | (a) | ||
Cost of direct materials used in production | 205,820 | (b) | ||
Direct labor | 289,540 | 221,180 | ||
Factory overhead | 89,860 | 110,100 | ||
Total manufacturing costs incurred in December | (b) | 636,000 | ||
Total manufacturing costs | 732,680 | 872,900 | ||
Work in process inventory, December 1 | 147,460 | 236,900 | ||
Work in process inventory, December 31 | 124,420 | (c) | ||
Cost of goods manufactured | (c) | 630,100 | ||
Finished goods inventory, December 1 | 129,790 | 110,100 | ||
Finished goods inventory, December 31 | 135,940 | (d) | ||
Sales | 1,132,030 | 983,000 | ||
Cost of goods sold | (d) | 636,000 | ||
Gross profit | (e) | (e) | ||
Operating expenses | 147,460 | (f) | ||
Net income | (f) | 218,230 |
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. | $fill in the blank bd4106f9fff4037_1 | $fill in the blank bd4106f9fff4037_2 |
b. | $fill in the blank bd4106f9fff4037_3 | $fill in the blank bd4106f9fff4037_4 |
c. | $fill in the blank bd4106f9fff4037_5 | $fill in the blank bd4106f9fff4037_6 |
d. | $fill in the blank bd4106f9fff4037_7 | $fill in the blank bd4106f9fff4037_8 |
e. | $fill in the blank bd4106f9fff4037_9 | $fill in the blank bd4106f9fff4037_10 |
f. | $fill in the blank bd4106f9fff4037_11 | $fill in the blank bd4106f9fff4037_12 |
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 | |||
$fill in the blank 4025ca003f8605d_2 | |||
Direct materials: | |||
$fill in the blank 4025ca003f8605d_4 | |||
fill in the blank 4025ca003f8605d_6 | |||
$fill in the blank 4025ca003f8605d_8 | |||
fill in the blank 4025ca003f8605d_10 | |||
$fill in the blank 4025ca003f8605d_12 | |||
fill in the blank 4025ca003f8605d_14 | |||
fill in the blank 4025ca003f8605d_16 | |||
Total manufacturing costs incurred during December | fill in the blank 4025ca003f8605d_17 | ||
Total manufacturing costs | $fill in the blank 4025ca003f8605d_18 | ||
fill in the blank 4025ca003f8605d_20 | |||
$fill in the blank 4025ca003f8605d_22 |
3. Prepare On Company's income statement for December.
On Company | ||
Income Statement | ||
For the Month Ended December 31 | ||
$fill in the blank 611d20005fff026_2 | ||
Cost of goods sold: | ||
$fill in the blank 611d20005fff026_4 | ||
fill in the blank 611d20005fff026_6 | ||
$fill in the blank 611d20005fff026_8 | ||
fill in the blank 611d20005fff026_10 | ||
fill in the blank 611d20005fff026_12 | ||
$fill in the blank 611d20005fff026_14 | ||
fill in the blank 611d20005fff026_16 | ||
$fill in the blank 611d20005fff026_18 |
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