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please show work and calculations please thank you!! Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement
please show work and calculations please thank you!!
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 Off Company Company Materials inventory, December 1 $65,740 $88,090 Materials inventory, December 31 99,540 Materials purchased 166,980 Cost of direct materials used in production 176,180 (b) Direct labor 247,840 198,200 Factory overhead 76,920 98,660 Total manufacturing costs incurred in December (b) 569,940 Total manufacturing costs 627,160 782,240 Work in process inventory, December 1 126,220 212,300 Work in process inventory, December 31 106,500 (c) Cost of goods manufactured 564,660 Finished goods inventory, December 1 111,100 98,660 Finished goods Inventory, December 31 116,360 (d) Sales 969,010 880,900 (d) Cost of goods sold 569,940 Gross profit (e) Operating expenses 126,220 Net Income (0) 195,560 Required: 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. f. 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 Direct materials: Materials inventory, December 1 Purchases Cost of materials available for use Less materials inventory, December 31 Cost of direct materials used Direct labor Factory overhead Total manufacturing costs incurred Total manufacturing costs Less work in process inventory, December 31 Cost of goods manufactured Feedback 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 Sales Cost of goods sold: Finished goods inventory, December 1 > Cost of goods manufactured Cost of finished goods available for sale DODO Less finished goods inventory, December 31 Cost of goods sold Gross profit Operating expenses Net income Feedback Step by Step Solution
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