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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
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 | $66,130 | $83,990 | ||
Materials inventory, December 31 | (a) | 94,910 | ||
Materials purchased | 167,970 | (a) | ||
Cost of direct materials used in production | 177,230 | (b) | ||
Direct labor | 249,310 | 188,980 | ||
Factory overhead | 77,370 | 94,070 | ||
Total manufacturing costs incurred in December | (b) | 543,420 | ||
Total manufacturing costs | 630,880 | 630,880 | ||
Work in process inventory, December 1 | 126,970 | 202,420 | ||
Work in process inventory, December 31 | 107,130 | (c) | ||
Cost of goods manufactured | (c) | 538,380 | ||
Finished goods inventory, December 1 | 111,760 | 94,070 | ||
Finished goods inventory, December 31 | 117,050 | (d) | ||
Sales | 974,760 | 839,900 | ||
Cost of goods sold | (d) | 543,420 | ||
Gross profit | (e) | (e) | ||
Operating expenses | 126,970 | (f) | ||
Net income | (f) | 186,460 |
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 f13d46ff5f9b025_1 | $fill in the blank f13d46ff5f9b025_2 |
b. | $fill in the blank f13d46ff5f9b025_3 | $fill in the blank f13d46ff5f9b025_4 |
c. | $fill in the blank f13d46ff5f9b025_5 | $fill in the blank f13d46ff5f9b025_6 |
d. | $fill in the blank f13d46ff5f9b025_7 | $fill in the blank f13d46ff5f9b025_8 |
e. | $fill in the blank f13d46ff5f9b025_9 | $fill in the blank f13d46ff5f9b025_10 |
f. | $fill in the blank f13d46ff5f9b025_11 | $fill in the blank f13d46ff5f9b025_12 |
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 | |||
$fill in the blank b77a5705affcfe8_2 | |||
Direct materials: | |||
$fill in the blank b77a5705affcfe8_4 | |||
fill in the blank b77a5705affcfe8_6 | |||
$fill in the blank b77a5705affcfe8_8 | |||
fill in the blank b77a5705affcfe8_10 | |||
$fill in the blank b77a5705affcfe8_12 | |||
fill in the blank b77a5705affcfe8_14 | |||
fill in the blank b77a5705affcfe8_16 | |||
Total manufacturing costs incurred during December | fill in the blank b77a5705affcfe8_17 | ||
Total manufacturing costs | $fill in the blank b77a5705affcfe8_18 | ||
fill in the blank b77a5705affcfe8_20 | |||
$fill in the blank b77a5705affcfe8_22 |
3. Prepare On Company's income statement for December.
On Company | ||
Income Statement | ||
For the Month Ended December 31 | ||
$fill in the blank 94867901ff91045_2 | ||
Cost of goods sold: | ||
$fill in the blank 94867901ff91045_4 | ||
fill in the blank 94867901ff91045_6 | ||
$fill in the blank 94867901ff91045_8 | ||
fill in the blank 94867901ff91045_10 | ||
fill in the blank 94867901ff91045_12 | ||
$fill in the blank 94867901ff91045_14 | ||
fill in the blank 94867901ff91045_16 | ||
$fill in the blank 94867901ff91045_18 |
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