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:       $           $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 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:    
  $  
     
  $  
     
     
    $
     
    $
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