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	$69,720		$90,640
Materials inventory, December 31	(a)		102,420
Materials purchased	177,090		(a)
Cost of direct materials used in production	186,850		(b)
Direct labor	262,840		203,940
Factory overhead	81,570		101,520
Total manufacturing costs incurred in December	(b)		586,440
Total manufacturing costs	665,120		665,120
Work in process inventory, December 1	133,860		218,440
Work in process inventory, December 31	112,950		(c)
Cost of goods manufactured	(c)		581,000
Finished goods inventory, December 1	117,830		101,520
Finished goods inventory, December 31	123,400		(d)
Sales	1,027,670		906,400
Cost of goods sold	(d)		586,440
Gross profit	(e)		(e)
Operating expenses	133,860		(f)
Net income	(f)		201,220

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.

Page: On Company

	DATE	ACCOUNT CREDITED	PURCH. NO.	POST. REF.	PURCHASES DR. ACCTS. PAY. CR.
1	Statement of Cost of Goods Manufactured	For the Month Ended December 31		$	Direct materials:	1
2		$				2
3	$				$	3
4					Total manufacturing costs incurred during December	4
5		Total manufacturing costs	$			5
6		$				6
7						7
8						8
9						9
10						10
11						11
12						12
13						13

3. Prepare On Company's income statement for December.

Page: On Company

	DATE	ACCOUNT CREDITED	PURCH. NO.	POST. REF.	PURCHASES DR. ACCTS. PAY. CR.
1	Income Statement	For the Month Ended December 31		$	Cost of goods sold:	1
2		$				2
3	$					3
4		$				4
5	$					5
6						6
7						7
8						8
9						9
10						10