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 $74,780 $94,220 Materials inventory, December 31 (a) 106,470 Materials purchased 189,940 (a) Cost of direct materials used in production 200,410 (b) Direct labor 281,920 212,000 Factory overhead 87,490 105,530 Total manufacturing costs incurred in December (b) 609,600 Total manufacturing costs 713,400 713,400 Work in process inventory, December 1 143,580 227,070 Work in process inventory, December 31 121,140 (c) Cost of goods manufactured (c) 603,950 Finished goods inventory, December 1 126,380 105,530 Finished goods inventory, December 31 132,360 (d) Sales 1,102,260 942,200 Cost of goods sold (d) 609,600 Gross profit (e) (e) Operating expenses 143,580 (f) Net income (f) 209,170 Required: 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. $ $ 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 $ Direct materials: $ $ $ Total manufacturing costs incurred during December Total manufacturing costs $ $ 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $ Cost of goods sold: $ $
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 $74,780 $94,220 Materials inventory, December 31 (a) 106,470 Materials purchased 189,940 (a) Cost of direct materials used in production 200,410 (b) Direct labor 281,920 212,000 Factory overhead 87,490 105,530 Total manufacturing costs incurred in December (b) 609,600 Total manufacturing costs 713,400 713,400 Work in process inventory, December 1 143,580 227,070 Work in process inventory, December 31 121,140 (c) Cost of goods manufactured (c) 603,950 Finished goods inventory, December 1 126,380 105,530 Finished goods inventory, December 31 132,360 (d) Sales 1,102,260 942,200 Cost of goods sold (d) 609,600 Gross profit (e) (e) Operating expenses 143,580 (f) Net income (f) 209,170 Required: 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. $ $ 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 $ Direct materials: $ $ $ Total manufacturing costs incurred during December Total manufacturing costs $ $ 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $ Cost of goods sold: $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Company |
Off Company |
|||
Materials inventory, December 1 | $74,780 | $94,220 | ||
Materials inventory, December 31 | (a) | 106,470 | ||
Materials purchased | 189,940 | (a) | ||
Cost of direct materials used in production | 200,410 | (b) | ||
Direct labor | 281,920 | 212,000 | ||
Factory |
87,490 | 105,530 | ||
Total |
(b) | 609,600 | ||
Total manufacturing costs | 713,400 | 713,400 | ||
Work in process inventory, December 1 | 143,580 | 227,070 | ||
Work in process inventory, December 31 | 121,140 | (c) | ||
Cost of goods manufactured | (c) | 603,950 | ||
Finished goods inventory, December 1 | 126,380 | 105,530 | ||
Finished goods inventory, December 31 | 132,360 | (d) | ||
Sales | 1,102,260 | 942,200 | ||
Cost of goods sold | (d) | 609,600 | ||
Gross profit | (e) | (e) | ||
Operating expenses | 143,580 | (f) | ||
Net income | (f) | 209,170 |
Required:
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. | $ | $ |
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 | |||
$ | |||
Direct materials: | |||
$ | |||
$ | |||
$ | |||
Total manufacturing costs incurred during December | |||
Total manufacturing costs | $ | ||
$ |
3. Prepare On Company's income statement for December.
On Company | ||
Income Statement | ||
For the Month Ended December 31 | ||
$ | ||
Cost of goods sold: | ||
$ | ||
$ | ||
$ | ||
$ |
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