Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me out with the rest of this problems with showing formulas to help me understand how each solution was solved. Manufacturing Income Statement,
Please help me out with the rest of this problems with showing formulas to help me understand how each solution was solved.
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. Off On Company Company $75,280 $96,360 (a) Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production 108,890 (a) 191,210 201,750 (b) Direct labor 283,810 216,810 Factory overhead 88,080 107,920 623,450 (b) 718,180 855,680 232,230 Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 144,540 121,950 (c) 617,670 107,920 127,220 (d) 133,250 1,109,630 Sales 963,600 Cost of goods sold (d) 623,450 Gross profit (e) (e) Operating expenses 144,540 (0) Net income (f) 213,920 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. 64,740 b. 573,640 C. 596,230 $ d. 590,200 e. 519,430 f. 374,890 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: $ HA $ Total manufacturing costs incurred Total manufacturing costs 1000 3. Prepare On Company's income statement for December On Company Income Statement For the Month Ended December 31 $ Cost of goods sold: $ $ $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started