Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

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

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

Starting Question

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.

Statement of Cost of Goods Manufactured

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

Income Statement

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Agile Audit Transformation And Beyond

Authors: Toby DeRoche

1st Edition

1032062894, 978-1032062891

More Books

Students also viewed these Accounting questions

Question

Which form of proof do you find least persuasive? Why?

Answered: 1 week ago