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

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 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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