MiSsing items (a) through (f), identifying 1. For both companies, determine the them by letter. 2. Prepare On Company's statement of cost of goods manufactured for December 3. Prepare On Company's income statement for December.
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- Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000Manufacturing income statement, statement of cost of goods OBJ. 2, 4manufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.On CompanyOff CompanyMaterials inventory, December 1$65,800$ 195,300Materials inventory, December 31(a)91,140Materials purchased282,800(a)Cost of direct materials used in production317,800(b)Direct labor387,800577,220Factory overhead148,400256,060Total manufacturing costs incurred in December(b)1,519,000Total manufacturing costs973,0001,727,320Work in process inventory, December 1119,000208,320Work in process inventory, December 31172,200(c)Cost of goods manufactured(c)1,532,020Finished goods inventory, December 1$ 224,000$ 269,080Finished goods inventory, December 31197,400(d)Sales1,127,0001,944,320Cost of goods sold(d)1,545,040Gross profit(e)(e)Operating expenses117,600(f )Net income(f )164,920Instructions1.Determine the amounts of the missing items,…
- 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: OnCompany OffCompany 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…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. OnCompany OffCompany Materials inventory, December 1 $88,830 $121,700 Materials inventory, December 31 (a) 137,520 Materials purchased 225,630 (a) Cost of direct materials used in production 238,060 (b) Direct labor 334,890 273,830 Factory overhead 103,930 136,300 Total manufacturing costs incurred in December (b) 787,400 Total manufacturing costs 847,430 1,080,700 Work in process inventory, December 1 170,550 293,300 Work in process inventory, December 31 143,900 (c) Cost of goods manufactured (c) 780,100 Finished goods inventory, December 1 150,120 136,300 Finished goods inventory, December 31 157,230 (d) Sales 1,309,350 1,217,000 Cost of goods sold (d) 787,400 Gross…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 $59,040 (a) 149,960 158,230 222,580 69,080 (b) 563,250 113,360 95,640 (c) 99,780 104,500 870,250 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead 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 Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: Letter a. b. C. d. 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. On Company Off Company e. f. Direct…
- 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: OnCompany OffCompany Materials inventory, December 1 $87,390 $110,110 Materials inventory, December 31 (a) 124,420 Materials purchased 221,970 (a) Cost of direct materials used in production 234,210 (b) Direct labor 329,460 247,750 Factory overhead 102,250 123,320 Total manufacturing costs incurred in December (b) 712,410 Total manufacturing costs 833,710 833,710 Work in process inventory, December 1 167,790 265,370 Work in process inventory, December 31 141,570 (c) Cost of goods manufactured (c) 705,810 Finished goods inventory, December 1 147,690 123,320 Finished goods inventory, December 31 154,680 (d) Sales 1,288,130 1,101,100 Cost of goods sold (d) 712,410 Gross…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: OnCompany OffCompany Materials inventory, December 1 $86,650 $110,050 Materials inventory, December 31 (a) 124,360 Materials purchased 220,090 (a) Cost of direct materials used in production 232,220 (b) Direct labor 326,670 247,610 Factory overhead 101,380 123,260 Total manufacturing costs incurred in December (b) 712,020 Total manufacturing costs 826,640 826,640 Work in process inventory, December 1 166,370 265,220 Work in process inventory, December 31 140,370 (c) Cost of goods manufactured (c) 705,420 Finished goods inventory, December 1 146,440 123,260 Finished goods inventory, December 31 153,370 (d) Sales 1,277,220 1,100,500 Cost of goods sold (d) 712,020 Gross…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: OnCompany OffCompany Materials inventory, December 1 $86,650 $110,050 Materials inventory, December 31 (a) 124,360 Materials purchased 220,090 (a) Cost of direct materials used in production 232,220 (b) Direct labor 326,670 247,610 Factory overhead 101,380 123,260 Total manufacturing costs incurred in December (b) 712,020 Total manufacturing costs 826,640 826,640 Work in process inventory, December 1 166,370 265,220 Work in process inventory, December 31 140,370 (c) Cost of goods manufactured (c) 705,420 Finished goods inventory, December 1 146,440 123,260 Finished goods inventory, December 31 153,370 (d) Sales 1,277,220 1,100,500 Cost of goods sold (d) 712,020 Gross…
- 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: OnCompany OffCompany Materials inventory, December 1 $87,370 $114,450 Materials inventory, December 31 (a) 129,330 Materials purchased 221,920 (a) Cost of direct materials used in production 234,150 (b) Direct labor 329,380 257,510 Factory overhead 102,220 128,180 Total manufacturing costs incurred in December (b) 740,490 Total manufacturing costs 833,500 833,500 Work in process inventory, December 1 167,750 275,820 Work in process inventory, December 31 141,540 (c) Cost of goods manufactured (c) 733,620 Finished goods inventory, December 1 147,660 128,180 Finished goods inventory, December 31 154,640 (d) Sales 1,287,830 1,144,500 Cost of goods sold (d) 740,490 Gross…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: OnCompany OffCompany Materials inventory, December 1 $75,740 $103,010 Materials inventory, December 31 (a) 116,400 Materials purchased 192,380 (a) Cost of direct materials used in production 202,980 (b) Direct labor 285,540 231,770 Factory overhead 88,620 115,370 Total manufacturing costs incurred in December (b) 666,470 Total manufacturing costs 722,560 722,560 Work in process inventory, December 1 145,420 248,250 Work in process inventory, December 31 122,700 (c) Cost of goods manufactured (c) 660,290 Finished goods inventory, December 1 128,000 115,370 Finished goods inventory, December 31 134,060 (d) Sales 1,116,410 1,030,100 Cost of goods sold (d) 666,470 Gross…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: OnCompany OffCompany Materials inventory, December 1 $75,740 $103,010 Materials inventory, December 31 (a) 116,400 Materials purchased 192,380 (a) Cost of direct materials used in production 202,980 (b) Direct labor 285,540 231,770 Factory overhead 88,620 115,370 Total manufacturing costs incurred in December (b) 666,470 Total manufacturing costs 722,560 722,560 Work in process inventory, December 1 145,420 248,250 Work in process inventory, December 31 122,700 (c) Cost of goods manufactured (c) 660,290 Finished goods inventory, December 1 128,000 115,370 Finished goods inventory, December 31 134,060 (d) Sales 1,116,410 1,030,100 Cost of goods sold (d) 666,470 Gross…