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 attempted this problem and tried to do the company's statement of cost of goods manufactured 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!
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 | |||
Work in process inventory, December 1 | $ | ||
Direct materials: | |||
Materials inventory, December 1 | $ | ||
Purchases | |||
Cost of direct materials used in production | $ | ||
Less materials inventory, December 31 | |||
Cost of direct materials used in production | $ | ||
Direct labor | |||
Factory |
|||
Total |
|||
Total manufacturing costs | $ | ||
Less work in process inventory, December 31 | |||
Cost of goods manufactured | $ |
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