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	$68,630		$86,470
Materials inventory, December 31	(a)		97,710
Materials purchased	174,320		(a)
Cost of direct materials used in production	183,930		(b)
Direct labor	258,740		194,560
Factory overhead	80,300		96,850
Total manufacturing costs incurred in December	(b)		559,460
Total manufacturing costs	654,740		767,850
Work in process inventory, December 1	131,770		208,390
Work in process inventory, December 31	111,180		(c)
Cost of goods manufactured	(c)		554,270
Finished goods inventory, December 1	115,980		96,850
Finished goods inventory, December 31	121,480		(d)
Sales	1,011,610		864,700
Cost of goods sold	(d)		559,460
Gross profit	(e)		(e)
Operating expenses	131,770		(f)
Net income	(f)		191,960

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:
	$
	$
		$
		$