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

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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Question

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

On
ff
Company
Company
Materials inventory, December 1
$81,110
$109,500
Materials inventory, December 31
(a)
123,730
Materials purchased
206,020
(a)
Cost of direct materials used in production
217,370
(b)
Direct labor
305,780
246,380
Factory overhead
94,900
122,640
Total manufacturing costs incurred in December
(b)
708,470
Total manufacturing costs
773,780
773,780
Work in process inventory, December 1
155,730
263,900
Work in process inventory, December 31
131,400
(c)
Cost of goods manufactured
(c)
701,900
Finished goods inventory, December 1
137,080
122,640
Finished goods inventory, December 31
143,560
(d)
Sales
1,195,560
1,095,000
Cost of goods sold
(d)
708,470
Gross profit
(e)
(e)
Operating expenses
155,730
(f)
Net income
(f)
243,090

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