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	$74,990		$100,490
Materials inventory, December 31	(a)		113,550
Materials purchased	190,470		(a)
Cost of direct materials used in production	200,970		(b)
Direct labor	282,710		226,100
Factory overhead	87,740		112,550
Total manufacturing costs incurred in December	(b)		650,170
Total manufacturing costs	715,400		892,350
Work in process inventory, December 1	143,980		242,180
Work in process inventory, December 31	121,480		(c)
Cost of goods manufactured	(c)		644,140
Finished goods inventory, December 1	126,730		112,550
Finished goods inventory, December 31	132,730		(d)
Sales	1,105,350		1,004,900
Cost of goods sold	(d)		650,170
Gross profit	(e)		(e)
Operating expenses	143,980		(f)
Net income	(f)		223,090

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:
	$
	$
		$
		$