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
Company Off
Company
Materials inventory, December 1 $82,200 $107,680
Materials inventory, December 31 (a) 121,680
Materials purchased 208,790 (a)
Cost of direct materials used in production 220,300 (b)
Direct labor 309,890 242,280
Factory overhead 96,170 120,600
Total manufacturing costs incurred in December (b) 696,690
Total manufacturing costs 784,180 784,180
Work in process inventory, December 1 157,820 259,510
Work in process inventory, December 31 133,160 (c)
Cost of goods manufactured (c) 690,230
Finished goods inventory, December 1 138,920 120,600
Finished goods inventory, December 31 145,490 (d)
Sales 1,211,630 1,076,800
Cost of goods sold (d) 696,690
Gross profit (e) (e)
Operating expenses 157,820 (f)
Net income (f) 239,050
Required:
Question Content Area
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
Letter On Company Off Company
a.
b.
c.
d.
e.
f.
Question Content Area
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
$Work in process inventory, December 1
Direct materials:
Materials inventory, December 1
$Materials inventory, December 1
Purchases
Purchases
Cost of materials available for use
$Cost of materials available for use
Materials inventory, December 31
Materials inventory, December 31
Cost of direct materials used in production
$Cost of direct materials used in production
Direct labor
Direct labor
Factory overhead
Factory overhead
Total manufacturing costs incurred during December fill in the blank 1818070b4068029_17
Total manufacturing costs $fill in the blank 1818070b4068029_18
Work in process inventory, December 31
Work in process inventory, December 31
Cost of goods manufactured
$Cost of goods manufactured
Question Content Area
3. Prepare On Company's income statement for December.
On Company
Income Statement
For the Month Ended December 31
Sales
$Sales
Cost of goods sold:
Finished goods inventory, December 1
$Finished goods inventory, December 1
Cost of goods manufactured
Cost of goods manufactured
Cost of finished goods available for sale
$Cost of finished goods available for sale
Finished goods inventory, December 31
Finished goods inventory, December 31
Cost of goods sold
Cost of goods sold
Gross profit
$Gross profit
Operating expenses
Operating expenses
Net income
$Net income
PLEASE HELP!!