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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help solving this problem. The picture attached is the information which was given. I copy and pasted the part of the problem I need help completing which is asking for the companys income statement. Thanks!
3. Prepare On Company's income statement for December.
| On Company | ||
| Income Statement | ||
| For the Month Ended December 31 | ||
| $ | ||
| Cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| $ |
Transcribed Image Text: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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