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 $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 profit (e) (e) Operating expenses 145,420 (f) Net income (f) 228,680 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 46c7cefc1ffafb5_1 $fill in the blank 46c7cefc1ffafb5_2 b. $fill in the blank 46c7cefc1ffafb5_3 $fill in the blank 46c7cefc1ffafb5_4 c. $fill in the blank 46c7cefc1ffafb5_5 $fill in the blank 46c7cefc1ffafb5_6 d. $fill in the blank 46c7cefc1ffafb5_7 $fill in the blank 46c7cefc1ffafb5_8 e. $fill in the blank 46c7cefc1ffafb5_9 $fill in the blank 46c7cefc1ffafb5_10 f. $fill in the blank 46c7cefc1ffafb5_11 $fill in the blank 46c7cefc1ffafb5_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 $fill in the blank 6cf8c801b022067_2 Direct materials: $fill in the blank 6cf8c801b022067_4 fill in the blank 6cf8c801b022067_6 $fill in the blank 6cf8c801b022067_8 fill in the blank 6cf8c801b022067_10 $fill in the blank 6cf8c801b022067_12 fill in the blank 6cf8c801b022067_14 fill in the blank 6cf8c801b022067_16 Total manufacturing costs incurred during December fill in the blank 6cf8c801b022067_17 Total manufacturing costs $fill in the blank 6cf8c801b022067_18 fill in the blank 6cf8c801b022067_20 $fill in the blank 6cf8c801b022067_22

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 $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 profit (e) (e) Operating expenses 145,420 (f) Net income (f) 228,680 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 46c7cefc1ffafb5_1 $fill in the blank 46c7cefc1ffafb5_2 b. $fill in the blank 46c7cefc1ffafb5_3 $fill in the blank 46c7cefc1ffafb5_4 c. $fill in the blank 46c7cefc1ffafb5_5 $fill in the blank 46c7cefc1ffafb5_6 d. $fill in the blank 46c7cefc1ffafb5_7 $fill in the blank 46c7cefc1ffafb5_8 e. $fill in the blank 46c7cefc1ffafb5_9 $fill in the blank 46c7cefc1ffafb5_10 f. $fill in the blank 46c7cefc1ffafb5_11 $fill in the blank 46c7cefc1ffafb5_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 $fill in the blank 6cf8c801b022067_2 Direct materials: $fill in the blank 6cf8c801b022067_4 fill in the blank 6cf8c801b022067_6 $fill in the blank 6cf8c801b022067_8 fill in the blank 6cf8c801b022067_10 $fill in the blank 6cf8c801b022067_12 fill in the blank 6cf8c801b022067_14 fill in the blank 6cf8c801b022067_16 Total manufacturing costs incurred during December fill in the blank 6cf8c801b022067_17 Total manufacturing costs $fill in the blank 6cf8c801b022067_18 fill in the blank 6cf8c801b022067_20 $fill in the blank 6cf8c801b022067_22

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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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	$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 profit	(e)		(e)
Operating expenses	145,420		(f)
Net income	(f)		228,680

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 46c7cefc1ffafb5_1	$fill in the blank 46c7cefc1ffafb5_2
b.	$fill in the blank 46c7cefc1ffafb5_3	$fill in the blank 46c7cefc1ffafb5_4
c.	$fill in the blank 46c7cefc1ffafb5_5	$fill in the blank 46c7cefc1ffafb5_6
d.	$fill in the blank 46c7cefc1ffafb5_7	$fill in the blank 46c7cefc1ffafb5_8
e.	$fill in the blank 46c7cefc1ffafb5_9	$fill in the blank 46c7cefc1ffafb5_10
f.	$fill in the blank 46c7cefc1ffafb5_11	$fill in the blank 46c7cefc1ffafb5_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
			$fill in the blank 6cf8c801b022067_2
Direct materials:
	$fill in the blank 6cf8c801b022067_4
	fill in the blank 6cf8c801b022067_6
	$fill in the blank 6cf8c801b022067_8
	fill in the blank 6cf8c801b022067_10
		$fill in the blank 6cf8c801b022067_12
		fill in the blank 6cf8c801b022067_14
		fill in the blank 6cf8c801b022067_16
Total manufacturing costs incurred during December			fill in the blank 6cf8c801b022067_17
Total manufacturing costs			$fill in the blank 6cf8c801b022067_18
			fill in the blank 6cf8c801b022067_20
			$fill in the blank 6cf8c801b022067_22

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