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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 $81,240 Materials inventory, December 31 (a) $108,860 123,010 (a) Materials purchased 206,350 Cost of direct materials used in production 217,720 Direct labor 306,270 244,940 121,920 Factory overhead 95,050 (6) 704,320 775,020 775,020 Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured 155,980 262,350 131,610 (c) (c) 697,790 137,300 121,920 Finished goods inventory, December 1 Finished goods inventory, December 31 Sales (d) 143,790 1,197,480 1,088,600 Cost of goods sold (d) 704,320 Gross profit (e) Operating expenses 155,980 Net income 241,670 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers Letter On Company Off Company a. $ 69,870 351,610 b. 619,040 337,460 C. A 643,410 268,880 X d. $ 636,920 $ 115,390 e. $ 560,560 $ 384,280 f. $ 404,580 $ 142,610 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 69,870 X Purchases $ 81,240 x Cost of materials available for use Materials inventory, December 31 Cost of direct materials used in production III Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December 31 Cost of goods manufactured 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 JODI Finished goods inventory, December 31 Cost of goods sold Gross profit Operating expenses Net income