On Off Company Company Materials inventory. December 1 $ 65,800 $ 195,300 Materials inventory. December 31 (a) 91,140 Materials purchased 282,800 (a) Cost of direct materials used in production 317,800 (b) Direct labor 387,800 577,220 Factory overhead 148,400 256,060 Total manufacturing costs incurred in (b) 1,519,000 December Total manufacturing costs 973,000 1,727,320 Work in process inventory, December 1 119,000 208,320 Work in process inventory, December 31 172,200 (c) Cost of goods manufactured (c) 1,532,020 Finished goods inventory, December 1 $ 224,000 s 269,080 Finished goods inventory. December 31 197,400 (d) Sales 1,127,000 1,944,320 Cost of goods sold (d) 1,545,040 Gross profit (e) (e) Operating expenses 117,600 (f) Net income (f) 164,920
On Off Company Company Materials inventory. December 1 $ 65,800 $ 195,300 Materials inventory. December 31 (a) 91,140 Materials purchased 282,800 (a) Cost of direct materials used in production 317,800 (b) Direct labor 387,800 577,220 Factory overhead 148,400 256,060 Total manufacturing costs incurred in (b) 1,519,000 December Total manufacturing costs 973,000 1,727,320 Work in process inventory, December 1 119,000 208,320 Work in process inventory, December 31 172,200 (c) Cost of goods manufactured (c) 1,532,020 Finished goods inventory, December 1 $ 224,000 s 269,080 Finished goods inventory. December 31 197,400 (d) Sales 1,127,000 1,944,320 Cost of goods sold (d) 1,545,040 Gross profit (e) (e) Operating expenses 117,600 (f) Net income (f) 164,920
Chapter5: Process Costing
Section: Chapter Questions
Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value...
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.
Instructions
1. Determine the amounts of the missing items, identifying 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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