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	$77,420		$99,870
Materials inventory, December 31	(a)		112,850
Materials purchased	196,650		(a)
Cost of direct materials used in production	207,490		(b)
Direct labor	291,870		224,710
Factory overhead	90,580		111,850
Total manufacturing costs incurred in December	(b)		646,160
Total manufacturing costs	738,590		738,590
Work in process inventory, December 1	148,650		240,690
Work in process inventory, December 31	125,420		(c)
Cost of goods manufactured	(c)		640,170
Finished goods inventory, December 1	130,840		111,850
Finished goods inventory, December 31	137,030		(d)
Sales	1,141,170		998,700
Cost of goods sold	(d)		646,160
Gross profit	(e)		(e)
Operating expenses	148,650		(f)
Net income	(f)		221,710

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