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	$66,910		$84,310
Materials inventory, December 31	(a)		95,270
Materials purchased	169,950		(a)
Cost of direct materials used in production	179,320		(b)
Direct labor	252,250		189,700
Factory overhead	78,280		94,430
Total manufacturing costs incurred in December	(b)		545,490
Total manufacturing costs	638,320		748,680
Work in process inventory, December 1	128,470		203,190
Work in process inventory, December 31	108,390		(c)
Cost of goods manufactured	(c)		540,430
Finished goods inventory, December 1	113,080		94,430
Finished goods inventory, December 31	118,430		(d)
Sales	986,250		843,100
Cost of goods sold	(d)		545,490
Gross profit	(e)		(e)
Operating expenses	128,470		(f)
Net income	(f)		187,170

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:
	$
	$
		$
		$