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	$82,580		$111,480
Materials inventory, December 31	(a)		125,970
Materials purchased	209,750		250,830
Cost of direct materials used in production	221,310		(a)
Direct labor	311,330		(b)
Factory overhead	96,620		124,860
Total manufacturing costs incurred in December	(b)		721,280
Total manufacturing costs	787,810		787,810
Work in process inventory, December 1	158,550		268,670
Work in process inventory, December 31	133,780		(c)
Cost of goods manufactured	(c)		714,590
Finished goods inventory, December 1	139,560		124,860
Finished goods inventory, December 31	146,170		(d)
Sales	1,217,230		1,114,800
Cost of goods sold	(d)		721,280
Gross profit	(e)		(e)
Operating expenses	158,550		(f)
Net income	(f)		247,490

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:
	$
	$
		$
		$