2. Prepare On Company's statement of cost of goods manufactured for December.On CompanyStatement of Cost of Goods ManufacturedFor the Month Ended December 31Direct materials:Total manufacturing costs incurred during DecemberTotal manufacturing costs OnffCompanyCompanyMaterials inventory, December 1$81,110$109,500Materials inventory, December 31(a)123,730Materials purchased206,020(a)Cost of direct materials used in production217,370(b)Direct labor305,780246,380Factory overhead94,900122,640Total manufacturing costs incurred in December(b)708,470Total manufacturing costs773,780773,780Work in process inventory, December 1155,730263,900Work in process inventory, December 31131,400(c)Cost of goods manufactured(c)701,900Finished goods inventory, December 1137,080122,640Finished goods inventory, December 31143,560(d)Sales1,195,5601,095,000Cost of goods sold(d)708,470Gross profit(e)(e)Operating expenses155,730(f)Net income(f)243,090

Raw materials: It is the basic input required to manufacture the finished products. The raw…

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

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

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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