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	$80,280		$105,970
Materials inventory, December 31	(a)		119,750
Materials purchased	203,910		(a)
Cost of direct materials used in production	215,150		(b)
Direct labor	302,660		238,430
Factory overhead	93,930		118,690
Total manufacturing costs incurred in December	(b)		685,630
Total manufacturing costs	765,880		765,880
Work in process inventory, December 1	154,140		255,390
Work in process inventory, December 31	130,050		(c)
Cost of goods manufactured	(c)		679,270
Finished goods inventory, December 1	135,670		118,690
Finished goods inventory, December 31	142,100		(d)
Sales	1,183,330		1,059,700
Cost of goods sold	(d)		685,630
Gross profit	(e)		(e)
Operating expenses	154,140		(f)
Net income	(f)		235,250

Required:

Question Content Area

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	fill in the blank
b.	fill in the blank	fill in the blank
c.	fill in the blank	fill in the blank
d.	fill in the blank	fill in the blank
e.	fill in the blank	fill in the blank
f.	fill in the blank	fill in the blank

Question Content Area

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

Indirect labor, Machinery ,depreciation ,Supplies , Work in process inventory, December 1			$- Select -
Direct materials:
Direct labor,Factory overhead,Materials inventory, December 1Work in process inventory, December 31	- Select -
Factory overhead,Operating expenses,Purchases,Sales	- Select -
Cost of direct materials used in production,Cost of goods manufactured,Cost of goods sold,Cost of materials available for use	- Select -
Indirect labor,Materials inventory, December 31Work in process inventory, December 1Work in process inventory, December 31	- Select -
Cost of direct materials used in production,Cost of goods manufactured,Cost of goods sold,Cost of materials available for use		- Select -
Cost of goods sold, Direct labor, Indirect labor, Work in process inventory, December 1		- Select -
Cost of materials available for use, Direct materials, Factory overhead, Purchases		- Select -
Total manufacturing costs incurred during December			fill in the blank
Total manufacturing costs			fill in the blank
Cost of materials available for use, Direct materials, Materials inventory, December 31Work in process inventory, December 31			- Select -
Cost of direct materials used in production, Cost of goods manufactured, Cost of goods sold, Cost of materials available for use			- Select -

Question Content Area

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

On Company Income Statement For the Month Ended December 31

Cost of goods sold, Gross profit, Indirect labor, Sales		$- Select -
Cost of goods sold:
Finished goods inventory, December 1Finished goods inventory, December 31Operating expenses, Sales	$- Select -
Cost of direct materials used in production, Cost of goods manufactured, Cost of goods sold, Cost of materials available for use	- Select -
Cost of direct materials used in production, Cost of finished goods available for sale, Cost of goods manufactured, Cost of materials available for use	$- Select -
Finished goods inventory, December 1Finished goods inventory, December 31Operating expenses, Sales	- Select -
Cost of direct materials used in production, Cost of goods manufactured, Cost of goods sold, Cost of materials available for use		- Select -
Cost of goods sold, Gross profit, Operating expenses, Sales		$- Select -
Direct labor, Factory overhead, Finished goods inventory, December 1Operating expenses		- Select -
Net income, Net loss		$- Select -