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Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:
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 Materials inventory, December 1 $67,950 $88,340 Materials inventory, December 31 (a) 99,820 Materials purchased 172,590 (a) Cost of direct materials used in production 182,110 (b) Direct labor 256,170 198,770 Factory overhead 79,500 98,940 Total manufacturing costs incurred in December (b) 571,560 Total manufacturing costs Work in process inventory, December 1 648,240 648,240 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 130,460 212,900 110,080 (c) (c) 566,260 114,840 98,940 Finished goods inventory, December 31 120,270 (d) Sales 1,001,580 883,400 Cost of goods sold (d) 571,560 Gross profit (e) (e) Operating expenses 130,460 (f) (f) 196,110 Net income Required:
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