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	$81,910		$103,210
Materials inventory, December 31	(a)		116,630
Materials purchased	208,050		(a)
Cost of direct materials used in production	219,520		(b)
Direct labor	308,800		232,220
Factory overhead	95,830		115,600
Total manufacturing costs incurred in December	(b)		667,770
Total manufacturing costs	781,420		916,510
Work in process inventory, December 1	157,270		248,740
Work in process inventory, December 31	132,690		(c)
Cost of goods manufactured	(c)		661,580
Finished goods inventory, December 1	138,430		115,600
Finished goods inventory, December 31	144,980		(d)
Sales	1,207,350		1,032,100
Cost of goods sold	(d)		667,770
Gross profit	(e)		(e)
Operating expenses	157,270		(f)
Net income	(f)		229,130

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
Sales		$
Cost of goods sold:
Finished goods inventory, December 1	$
Cost of goods manufactured
	$
Less finished goods inventory, December 31
Cost of goods sold
Cost of goods sold		$
Operating expenses
		$