Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016:

1		Prius Company	Volt Company
2	Materials inventory, December 1	$280,280.00	$179,000.00
3	Materials inventory, December 31	(a)	177,500.00
4	Materials purchased	712,000.00	340,000.00
5	Cost of direct materials used in production	752,000.00	(a)
6	Direct labor	1,059,600.00	(b)
7	Factory overhead	325,200.00	179,600.00
8	Total manufacturing costs incurred during December	(b)	1,035,000.00
9	Total manufacturing costs	2,676,800.00	1,479,500.00
10	Work in process inventory, December 1	540,000.00	444,500.00
11	Work in process inventory, December 31	451,400.00	(c)
12	Cost of goods manufactured	(c)	1,027,500.00
13	Finished goods inventory, December 1	478,400.00	201,000.00
14	Finished goods inventory, December 31	495,200.00	(d)
15	Sales	4,143,000.00	1,676,500.00
16	Cost of goods sold	(d)	1,053,500.00
17	Gross profit	(e)	(e)
18	Operating expenses	540,000.00	(f)
19	Net income	(f)	383,000.00

Required:

A.

Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

B.

Prepare Volt Companys statement of cost of goods manufactured for December.*

C.

Prepare Volt Companys income statement for December.*

* Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.

Amount Descriptions

Cost of direct materials used in production

Cost of finished goods available for sale

Cost of goods manufactured

Cost of goods sold

Cost of materials available for use

Direct Labor

Factory overhead

Finished goods inventory, December 1, 2016

Finished goods inventory, December 31, 2016

Gross profit

Materials inventory, December 1, 2016

Materials inventory, December 31, 2016

Net income

Operating expenses

Purchases

Sales

Total manufacturing costs incurred during December

Work in process inventory, December 1, 2016

Work in process inventory, December 31, 2016

A. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Letter

Prius Company

Volt Company

a.

b.

c.

d.

e.

f.

B. Prepare Volt Companys statement of cost of goods manufactured for December. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.

Volt Company

Statement of Cost of Goods Manufactured

For the Month Ended December 31, 2016

1

2

Direct materials:

3

4

5

6

7

8

9

10

11

Total manufacturing costs

12

13

C. Prepare Volt Companys income statement for December. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.

Volt Company

Income Statement

For the Month Ended December 31, 2016

1
2	Cost of goods sold:
3
4
5
6
7
8
9
10