Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $89,560 $114,640 (a) 129,540 (a) 227.480 240,020 (b) 257,940 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold 337,640 104,790 (b) 854,410 171.960 128,400 741,720 1,018,000 276,280 (c) 145,090 (c) 734,840 128,400 (d) 151,360 158,520 1,320,110 (d) 1,146,400 741,720 (d) Cost of goods sold Gross profit Operating expenses 741,720 (e) (e) 171,960 (f) Net income (1) 254,500 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 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 co incurred during December Total manufacturing costs 3. Prepare On Company's income statement for December, 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 Cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Night Comes To The Cumberlands A Biography Of A Depressed Area

Authors: Harry M. Caudill

1st Edition

1334682070, 978-1334682070

More Books

Students also viewed these Accounting questions

Question

What are the attributes of a technical decision?

Answered: 1 week ago

Question

How do the two components of this theory work together?

Answered: 1 week ago

Question

Recognize the various roles and competencies of an HRD professional

Answered: 1 week ago

Question

Define human resource development (HRD)

Answered: 1 week ago