PR 18.4A Manufacturing income statement, statement of cost of goods manufactured Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2012: Tom Company $ 187,200 Jerry Company $ 118,000 120,000 228,000 (b) 120,000 690,000 985,000 295,000 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during 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 Sales Cost of goods sold Gross profit Operating expenses Net income 475,200 501,600 705,600 218,400 (b) 1,785,600 360,000 302,400 (c) 316,800 331,200 2,760,000 (d) (e) 360,000 683,000 136,000 (d) 1,117,000 701,000 (e) (f) 256,000 Instructions 1. Determine the amounts of the missing items, identifying them by letter. 2. Prepare a statement of cost of goods manufactured for Jerry Company 3. Prepare an income statement for Jerry Company, Tom Company 187 200 Jerry Company 118.000 120.000 228,000 475 200 501,600 705,600 218.400 (b) 120,000 690,000 985.000 295,000 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during 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 Sales Cost of goods sold Gross profit Operating expenses Net Income 1,785.600 360.000 302 400 (c) 683,000 136,000 316,800 331,200 2.750.000 1.117.000 701,000 360.000 10 256.000 JERRY COMPANY Statement of Cost of Goods Manufactured For the Month Ended December 31, 2012 Work in process inventory. December 1, 2012 Direct materials: Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Less Cost of goods manufactured JERRY COMPANY Income Statement For the Month Ended December 31, 2012 Sales Cost of goods sold Cost of finished goods available for sale Cost of goods sold Gross profit Operating expenses Net income