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	$85,810		$117,560
Materials inventory, December 31	(a)		132,840
Materials purchased	217,960		(a)
Cost of direct materials used in production	229,970		(b)
Direct labor	323,500		264,510
Factory overhead	100,400		131,670
Total manufacturing costs incurred in December	(b)		760,610
Total manufacturing costs	818,630		1,043,930
Work in process inventory, December 1	164,760		283,320
Work in process inventory, December 31	139,010		(c)
Cost of goods manufactured	(c)		753,560
Finished goods inventory, December 1	145,020		131,670
Finished goods inventory, December 31	151,880		(d)
Sales	1,264,840		1,175,600
Cost of goods sold	(d)		760,610
Gross profit	(e)		(e)
Operating expenses	164,760		(f)
Net income	(f)		260,980

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:
	$
	$
		$
		$