I attempted this problem and tried to do the company's income statement for on company for december but my numbers aren't adding up at all. I attached a picture of the original information which was given. I copy and pasted what the section of the question is asking for. Thanks!3. Prepare On Company's income statement for December.On CompanyIncome StatementFor the Month Ended December 31Indirect labor $Cost of goods sold: Sales $ Cost of goods sold Cost of goods manufactured $ Less finished goods inventory, December 31 Cost of goods sold Gross profit $Operating expenses Net income $ Manufacturing Income Statement, Statement of Cost of Goods ManufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.OffOnCompanyCompanyMaterials inventory, December 1$69,410$87,460Materials inventory, December 31(a)98,830Materials purchased(a)176,300Cost of direct materials used in production(b)186,020Direct labor261,680196,79097,960Factory overhead81,210Total manufacturing costs incurred in December(b)565,870Total manufacturing costs662,180776,650133,270Work in process inventory, December 1210,780(c)Work in process inventory, December 31112,440Cost of goods manufactured(c)560,620Finished goods inventory, December 1117,30097,960(d)Finished goods inventory, December 31122,860Sales1,023,100874,600Cost of goods sold(d)565,870Gross profit(e)(e)(f)133,270Operating expenses(f)Net income194,160

Answered: Manufacturing Income Statement,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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I attempted this problem and tried to do the company's income statement for on company for december but my numbers aren't adding up at all. I attached a picture of the original information which was given. I copy and pasted what the section of the question is asking for. Thanks!

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

On Company
Income Statement
For the Month Ended December 31
Indirect labor		$
Cost of goods sold:
Sales	$
Cost of goods sold
Cost of goods manufactured	$
Less finished goods inventory, December 31
Cost of goods sold
Gross profit		$
Operating expenses
Net income		$

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.
Off
On
Company
Company
Materials inventory, December 1
$69,410
$87,460
Materials inventory, December 31
(a)
98,830
Materials purchased
(a)
176,300
Cost of direct materials used in production
(b)
186,020
Direct labor
261,680
196,790
97,960
Factory overhead
81,210
Total manufacturing costs incurred in December
(b)
565,870
Total manufacturing costs
662,180
776,650
133,270
Work in process inventory, December 1
210,780
(c)
Work in process inventory, December 31
112,440
Cost of goods manufactured
(c)
560,620
Finished goods inventory, December 1
117,300
97,960
(d)
Finished goods inventory, December 31
122,860
Sales
1,023,100
874,600
Cost of goods sold
(d)
565,870
Gross profit
(e)
(e)
(f)
133,270
Operating expenses
(f)
Net income
194,160

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