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 $86,215 (a) 218,900 253,115 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor 325.020 Off Company $110,300 124,715 (b) 248.275

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

3 questions.-- Please see both photos. Second time I have submitted this question. The first one that was answered , they were wrong and didn't answer it all.

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:

1.  Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

2.  Prepare On Company's statement of cost of goods manufactured for December.

Note: If an amount should be subtracted, begin entry with a minus (-) sign.

3.  Prepare On Company's income statement for December.

Note: If an amount should be subtracted, begin entry with a minus (-) sign.

2. Prepare On Company's statement of cost of goods manufactured for December.
Note: If an amount should be subtracted, begin entry with a minus (-) sign.
On Company
Statement of Cost of Goods Manufactured
For the Month Ended December 31
Work in process inventory, December 1 v
Direct materials:
Materials inventory, December 1 v
Purchases v
Cost of materials available for use v
Materials inventory, December 31 v
Cost of direct materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred during December
Total manufacturing costs
Work in process inventory, December 31 v
Cost of goods manufactured v
Feedback
T Check My Work
2. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production plus direct labor and factory overhead, less the ending work in process.
3. Prepare On Company's income statement for December.
Note: If an amount should be subtracted, begin entry with a minus (-) sign.
On Company
Income Statement
For the Month Ended December 31
Sales v
Cost of goods sold:
Finished goods inventory, December 1 v
Cost of goods manufactured v
Cost of finished goods available for sale v
Finished goods inventory, December 31 y
Cost of goods sold v
Gross profit v
Operating expenses v
Net income
Transcribed Image Text:2. Prepare On Company's statement of cost of goods manufactured for December. Note: If an amount should be subtracted, begin entry with a minus (-) sign. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 v Direct materials: Materials inventory, December 1 v Purchases v Cost of materials available for use v Materials inventory, December 31 v Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December 31 v Cost of goods manufactured v Feedback T Check My Work 2. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production plus direct labor and factory overhead, less the ending work in process. 3. Prepare On Company's income statement for December. Note: If an amount should be subtracted, begin entry with a minus (-) sign. On Company Income Statement For the Month Ended December 31 Sales v Cost of goods sold: Finished goods inventory, December 1 v Cost of goods manufactured v Cost of finished goods available for sale v Finished goods inventory, December 31 y Cost of goods sold v Gross profit v Operating expenses v Net income
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
$86,215
$110,300
Materials inventory, December 31
(a)
124,715
Materials purchased
218,900
(a)
Cost of direct materials used in production
253,115
(b)
Direct labor
325,020
248,275
Factory overhead
100,860
123,610
Total manufacturing costs incurred in December
(b)
713,890
Total manufacturing costs
844,515
979,830
Work in process inventory, December 1
165,520
265,940
Work in process inventory, December 31
139,660
(c)
Cost of goods manufactured
(c)
707,290
Finished goods inventory, December 1
145,670
124,190
Finished goods inventory, December 31
152,570
(d)
Sales
1,270,700
1,103,500
Cost of goods sold
(d)
714,480
Gross profit
(e)
(e)
Operating expenses
165,520
(f)
Net income
(f)
244,480
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
On Company
Off Company
Letter
a.
b.
c.
d.
е.
f.
%24
%24
Transcribed Image Text: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 $86,215 $110,300 Materials inventory, December 31 (a) 124,715 Materials purchased 218,900 (a) Cost of direct materials used in production 253,115 (b) Direct labor 325,020 248,275 Factory overhead 100,860 123,610 Total manufacturing costs incurred in December (b) 713,890 Total manufacturing costs 844,515 979,830 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,660 (c) Cost of goods manufactured (c) 707,290 Finished goods inventory, December 1 145,670 124,190 Finished goods inventory, December 31 152,570 (d) Sales 1,270,700 1,103,500 Cost of goods sold (d) 714,480 Gross profit (e) (e) Operating expenses 165,520 (f) Net income (f) 244,480 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. On Company Off Company Letter a. b. c. d. е. f. %24 %24
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education