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	$73,530		$94,120
Materials inventory, December 31	(a)		106,360
Materials purchased	186,770		(a)
Cost of direct materials used in production	197,060		(b)
Direct labor	277,210		211,770
Factory overhead	86,030		105,410
Total manufacturing costs incurred in December	(b)		608,960
Total manufacturing costs	701,480		835,790
Work in process inventory, December 1	141,180		226,830
Work in process inventory, December 31	119,120		(c)
Cost of goods manufactured	(c)		603,310
Finished goods inventory, December 1	124,270		105,410
Finished goods inventory, December 31	130,150		(d)
Sales	1,083,830		941,200
Cost of goods sold	(d)		608,960
Gross profit	(e)		(e)
Operating expenses	141,180		(f)
Net income	(f)		208,950

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.	$fill in the blank 1b83c0fed04905b_1	$fill in the blank 1b83c0fed04905b_2
b.	$fill in the blank 1b83c0fed04905b_3	$fill in the blank 1b83c0fed04905b_4
c.	$fill in the blank 1b83c0fed04905b_5	$fill in the blank 1b83c0fed04905b_6
d.	$fill in the blank 1b83c0fed04905b_7	$fill in the blank 1b83c0fed04905b_8
e.	$fill in the blank 1b83c0fed04905b_9	$fill in the blank 1b83c0fed04905b_10
f.	$fill in the blank 1b83c0fed04905b_11	$fill in the blank 1b83c0fed04905b_12

Feedback

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 19fda5fb2037073_2
Direct materials:
Materials inventory, December 1	$fill in the blank 19fda5fb2037073_4
Purchases	fill in the blank 19fda5fb2037073_6
Cost of materials available for use	$fill in the blank 19fda5fb2037073_8
Less materials inventory, December 31	fill in the blank 19fda5fb2037073_10
Cost of direct materials used in production		$fill in the blank 19fda5fb2037073_12
Direct labor		fill in the blank 19fda5fb2037073_14
Factory overhead		fill in the blank 19fda5fb2037073_16
Total manufacturing costs incurred during December			fill in the blank 19fda5fb2037073_17
Total manufacturing costs			$fill in the blank 19fda5fb2037073_18
Less work in process inventory, December 31			fill in the blank 19fda5fb2037073_20
Cost of goods manufactured			$fill in the blank 19fda5fb2037073_22

Feedback

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

On Company
Income Statement
For the Month Ended December 31
Sales		$fill in the blank 44314e083073022_2
Cost of goods sold:
Finished goods inventory, December 1	$fill in the blank 44314e083073022_4
Cost of goods manufactured	fill in the blank 44314e083073022_6
Cost of finished goods available for sale	$fill in the blank 44314e083073022_8
Less finished goods inventory, December 31	fill in the blank 44314e083073022_10
Cost of goods sold		fill in the blank 44314e083073022_12
Gross profit		$fill in the blank 44314e083073022_14
Operating expenses		fill in the blank 44314e083073022_16
Net income		$fill in the blank 44314e083073022_18

Feedback

Feedback