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 $78,810 $107,180 Materials inventory, December 31 (a) 121,110
Materials purchased 200,180 (a)
Cost of direct materials used in production 211,210 (b) Direct labor 297,110 241,160
Factory overhead 92,210 120,040
Total manufacturing costs incurred in December (b) 693,450
Total manufacturing costs 751,850 951,750
Work in process inventory, December 1 151,320 258,300
Work in process inventory, December 31 127,670 (c) Cost of goods manufactured (c) 687,020
Finished goods inventory, December 1 133,190 120,040
Finished goods inventory, December 31 139,490 (d) Sales 1,161,660 1,071,800
Cost of goods sold (d) 693,450
Gross profit (e) (e) Operating expenses 151,320 (f)
Net income (f) 237,940
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
| Letter | On Company | Off Company |
| a. | $fill in the blank b8513605eff907f_1 | $fill in the blank b8513605eff907f_2 |
| b. | $fill in the blank b8513605eff907f_3 | $fill in the blank b8513605eff907f_4 |
| c. | $fill in the blank b8513605eff907f_5 | $fill in the blank b8513605eff907f_6 |
| d. | $fill in the blank b8513605eff907f_7 | $fill in the blank b8513605eff907f_8 |
| e. | $fill in the blank b8513605eff907f_9 | $fill in the blank b8513605eff907f_10 |
| f. | $fill in the blank b8513605eff907f_11 | $fill in the blank b8513605eff907f_12 |
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
| Work in process inventory, December 1 | FILL IN THE BLANK | ||
| Direct materials: | |||
| Materials inventory, December 1 | FILL IN THE BLANK | ||
| Purchases | FILL IN THE BLANK | ||
| Cost of materials available for use | FILL IN THE BLANK | ||
| Less materials inventory, December 31 | FILL IN THE BLANK | ||
| Cost of direct materials used | FILL IN THE BLANK | ||
| Direct laborIndirect labor | FILL IN THE BLANK | ||
| Factory overhead | FILL IN THE BLANK | ||
| Total manufacturing costs incurred | FILL IN THE BLANK | ||
| Total manufacturing costs | FILL IN THE BLANK | ||
| Less work in process inventory, December 31 | FILL IN THE BLANK | ||
| Cost of goods manufactured | FILL IN THE BLANK |
3. Prepare On Company's income statement for December.
On Company Income Statement For the Month Ended December 31
| Sales | FILL IN THE BLANK |
| Cost of goods sold: | ||
| Finished goods inventory, December 1 | FILL IN THE BLANK |
| Cost of goods manufactured | FILL IN THE BLANK |
| Cost of finished goods available for sale | FILL IN THE BLANK |
| Cost of finished goods available for sale | FILL IN THE BLANK |
| Less finished goods inventory, December 31 | FILL IN THE BLANK |
| Cost of goods sold | FILL IN THE BLANK |
| Gross profit | FILL IN THE BLANK |
| Operating expenses | FILL IN THE BLANK |
| Net Income | FILL IN THE BLANK |
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Auditing Employee Management
Authors: Kelli W. Vito, SPHR, CCP
1st Edition
0894137190, 9780894137198
