Question
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
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 $84,010 $111,730
Materials inventory, December 31 (a) 126,250
Materials purchased 213,390 (a)
Cost of direct materials used in production 225,150 (b)
Direct labor 316,720 251,390
Factory overhead 98,290 125,140
Total manufacturing costs incurred in December (b) 722,890
Total manufacturing costs 801,460 992,160
Work in process inventory, December 1 161,300 269,270
Work in process inventory, December 31 136,100 (c)
Cost of goods manufactured (c) 716,190
Finished goods inventory, December 1 141,980 125,140
Finished goods inventory, December 31 148,700 (d)
Sales 1,238,310 1,117,300 Cost of goods sold (d) 722,890
Gross profit (e) (e)
Operating expenses 161,300 (f)
Net income (f) 248,040
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:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started