I'm kind of confused on this question. 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 $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 December (b) 1,519,000 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 1 224,000 269,080 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 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 33433a0aeff7027_1 $fill in the blank 33433a0aeff7027_2 b. $fill in the blank 33433a0aeff7027_3 $fill in the blank 33433a0aeff7027_4 c. $fill in the blank 33433a0aeff7027_5 $fill in the blank 33433a0aeff7027_6 d. $fill in the blank 33433a0aeff7027_7 $fill in the blank 33433a0aeff7027_8 e. $fill in the blank 33433a0aeff7027_9 $fill in the blank 33433a0aeff7027_10 f. $fill in the blank 33433a0aeff7027_11 $fill in the blank 33433a0aeff7027_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 70692605bf9300a_2 Direct materials: $fill in the blank 70692605bf9300a_4 fill in the blank 70692605bf9300a_6 $fill in the blank 70692605bf9300a_8 fill in the blank 70692605bf9300a_10 $fill in the blank 70692605bf9300a_12 fill in the blank 70692605bf9300a_14 fill in the blank 70692605bf9300a_16 Total manufacturing costs incurred during December fill in the blank 70692605bf9300a_17 Total manufacturing costs $fill in the blank 70692605bf9300a_18 fill in the blank 70692605bf9300a_20 $fill in the blank 70692605bf9300a_22 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $fill in the blank 4338cbfe104204c_2 Cost of goods sold: $fill in the blank 4338cbfe104204c_4 fill in the blank 4338cbfe104204c_6 $fill in the blank 4338cbfe104204c_8 fill in the blank 4338cbfe104204c_10 fill in the blank 4338cbfe104204c_12 $fill in the blank 4338cbfe104204c_14 fill in the blank 4338cbfe104204c_16 $fill in the blank 4338cbfe104204c_18

I'm kind of confused on this question. 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 $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 December (b) 1,519,000 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 1 224,000 269,080 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 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 33433a0aeff7027_1 $fill in the blank 33433a0aeff7027_2 b. $fill in the blank 33433a0aeff7027_3 $fill in the blank 33433a0aeff7027_4 c. $fill in the blank 33433a0aeff7027_5 $fill in the blank 33433a0aeff7027_6 d. $fill in the blank 33433a0aeff7027_7 $fill in the blank 33433a0aeff7027_8 e. $fill in the blank 33433a0aeff7027_9 $fill in the blank 33433a0aeff7027_10 f. $fill in the blank 33433a0aeff7027_11 $fill in the blank 33433a0aeff7027_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 70692605bf9300a_2 Direct materials: $fill in the blank 70692605bf9300a_4 fill in the blank 70692605bf9300a_6 $fill in the blank 70692605bf9300a_8 fill in the blank 70692605bf9300a_10 $fill in the blank 70692605bf9300a_12 fill in the blank 70692605bf9300a_14 fill in the blank 70692605bf9300a_16 Total manufacturing costs incurred during December fill in the blank 70692605bf9300a_17 Total manufacturing costs $fill in the blank 70692605bf9300a_18 fill in the blank 70692605bf9300a_20 $fill in the blank 70692605bf9300a_22 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $fill in the blank 4338cbfe104204c_2 Cost of goods sold: $fill in the blank 4338cbfe104204c_4 fill in the blank 4338cbfe104204c_6 $fill in the blank 4338cbfe104204c_8 fill in the blank 4338cbfe104204c_10 fill in the blank 4338cbfe104204c_12 $fill in the blank 4338cbfe104204c_14 fill in the blank 4338cbfe104204c_16 $fill in the blank 4338cbfe104204c_18

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

I'm kind of confused on this question.

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	$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 December	(b)		1,519,000
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		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

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 33433a0aeff7027_1	$fill in the blank 33433a0aeff7027_2
b.	$fill in the blank 33433a0aeff7027_3	$fill in the blank 33433a0aeff7027_4
c.	$fill in the blank 33433a0aeff7027_5	$fill in the blank 33433a0aeff7027_6
d.	$fill in the blank 33433a0aeff7027_7	$fill in the blank 33433a0aeff7027_8
e.	$fill in the blank 33433a0aeff7027_9	$fill in the blank 33433a0aeff7027_10
f.	$fill in the blank 33433a0aeff7027_11	$fill in the blank 33433a0aeff7027_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 70692605bf9300a_2
Direct materials:
	$fill in the blank 70692605bf9300a_4
	fill in the blank 70692605bf9300a_6
	$fill in the blank 70692605bf9300a_8
	fill in the blank 70692605bf9300a_10
		$fill in the blank 70692605bf9300a_12
		fill in the blank 70692605bf9300a_14
		fill in the blank 70692605bf9300a_16
Total manufacturing costs incurred during December			fill in the blank 70692605bf9300a_17
Total manufacturing costs			$fill in the blank 70692605bf9300a_18
			fill in the blank 70692605bf9300a_20
			$fill in the blank 70692605bf9300a_22

3. Prepare On Company's income statement for December.

On Company
Income Statement
For the Month Ended December 31
		$fill in the blank 4338cbfe104204c_2
Cost of goods sold:
	$fill in the blank 4338cbfe104204c_4
	fill in the blank 4338cbfe104204c_6
	$fill in the blank 4338cbfe104204c_8
	fill in the blank 4338cbfe104204c_10
		fill in the blank 4338cbfe104204c_12
		$fill in the blank 4338cbfe104204c_14
		fill in the blank 4338cbfe104204c_16
		$fill in the blank 4338cbfe104204c_18

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