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	$74,800		$100,230
Materials inventory, December 31	(a)		113,260
Materials purchased	189,990		(a)
Cost of direct materials used in production	200,460		(b)
Direct labor	282,000		225,520
Factory overhead	87,520		112,260
Total manufacturing costs incurred in December	(b)		648,490
Total manufacturing costs	713,600		890,040
Work in process inventory, December 1	143,620		241,550
Work in process inventory, December 31	121,180		(c)
Cost of goods manufactured	(c)		642,470
Finished goods inventory, December 1	126,410		112,260
Finished goods inventory, December 31	132,400		(d)
Sales	1,102,550		1,002,300
Cost of goods sold	(d)		648,490
Gross profit	(e)		(e)
Operating expenses	143,620		(f)
Net income	(f)		222,510

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:
	$
	$
		$
		$