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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

I need help solving this problem. The picture attached is the information which was given. I copy and pasted the part of the provkem I need help completing which is asking for the statement of cost of goods manufactured. 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
      $
Direct materials:      
  $    
       
  $    
       
    $  
       
       
Total manufacturing costs incurred during December      
Total manufacturing costs     $
       
      $
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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 2 images

Blurred answer
Knowledge Booster
Cost estimation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education