Manufacturing Income Statement, Statement of Cost of Goods ManufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: OnCompanyOffCompanyMaterials inventory, December 1$86,650 $110,050 Materials inventory, December 31(a) 124,360 Materials purchased220,090 (a) Cost of direct materials used in production232,220 (b) Direct labor326,670 247,610 Factory overhead101,380 123,260 Total manufacturing costs incurred in December(b) 712,020 Total manufacturing costs826,640 826,640 Work in process inventory, December 1166,370 265,220 Work in process inventory, December 31140,370 (c) Cost of goods manufactured(c) 705,420 Finished goods inventory, December 1146,440 123,260 Finished goods inventory, December 31153,370 (d) Sales1,277,220 1,100,500 Cost of goods sold(d) 712,020 Gross profit(e) (e) Operating expenses166,370 (f) Net income(f) 244,310 Required:1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.LetterOn CompanyOff Companya.$fill in the blank ced5d9f7005f05b_1$fill in the blank ced5d9f7005f05b_2b.$fill in the blank ced5d9f7005f05b_3$fill in the blank ced5d9f7005f05b_4c.$fill in the blank ced5d9f7005f05b_5$fill in the blank ced5d9f7005f05b_6d.$fill in the blank ced5d9f7005f05b_7$fill in the blank ced5d9f7005f05b_8e.$fill in the blank ced5d9f7005f05b_9$fill in the blank ced5d9f7005f05b_10f.$fill in the blank ced5d9f7005f05b_11$fill in the blank ced5d9f7005f05b_12 2. Prepare On Company's statement of cost of goods manufactured for December.On CompanyStatement of Cost of Goods ManufacturedFor the Month Ended December 31 $- Select -Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - - Select - Total manufacturing costs incurred during December fill in the blank 8aa5c3036fec053_17Total manufacturing costs $fill in the blank 8aa5c3036fec053_18 - Select - $- Select - 3. Prepare On Company's income statement for December.On CompanyIncome StatementFor the Month Ended December 31 $- Select -Cost of goods sold: $- Select - - Select - $- Select - - Select - - Select - $- Select - - Select - $- Select -

As there are multiple sub parts questions so as per guidelines we are answering only first three sub…

Answered: Manufacturing Income Statement,…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 4PA: Manufacturing income statement, statement of cost of goods manufactured Several items are omitted...

See similar textbooks

Related questions

Question

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	$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 profit	(e)		(e)
Operating expenses	166,370		(f)
Net income	(f)		244,310

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.	$fill in the blank ced5d9f7005f05b_1	$fill in the blank ced5d9f7005f05b_2
b.	$fill in the blank ced5d9f7005f05b_3	$fill in the blank ced5d9f7005f05b_4
c.	$fill in the blank ced5d9f7005f05b_5	$fill in the blank ced5d9f7005f05b_6
d.	$fill in the blank ced5d9f7005f05b_7	$fill in the blank ced5d9f7005f05b_8
e.	$fill in the blank ced5d9f7005f05b_9	$fill in the blank ced5d9f7005f05b_10
f.	$fill in the blank ced5d9f7005f05b_11	$fill in the blank ced5d9f7005f05b_12

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

			$- Select -
Direct materials:
	$- Select -
	- Select -
	$- Select -
	- Select -
		$- Select -
		- Select -
		- Select -
Total manufacturing costs incurred during December			fill in the blank 8aa5c3036fec053_17
Total manufacturing costs			$fill in the blank 8aa5c3036fec053_18
			- Select -
			$- Select -