Manufacturing income statement, statement of cost of goods OBJ. 2, 4manufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.On CompanyOff CompanyMaterials inventory, December 1$65,800$ 195,300Materials inventory, December 31(a)91,140Materials purchased282,800(a)Cost of direct materials used in production317,800(b)Direct labor387,800577,220Factory overhead148,400256,060Total manufacturing costs incurred in December(b)1,519,000Total manufacturing costs973,0001,727,320Work in process inventory, December 1119,000208,320Work in process inventory, December 31172,200(c)Cost of goods manufactured(c)1,532,020Finished goods inventory, December 1$ 224,000$ 269,080Finished goods inventory, December 31197,400(d)Sales1,127,0001,944,320Cost of goods sold(d)1,545,040Gross profit(e)(e)Operating expenses117,600(f )Net income(f )164,920Instructions1.Determine the amounts of the missing items, identifying them by letter.2.Prepare On Company’s statement of cost of goods manufactured for December.3.Prepare On Company’s income statement for December.
Manufacturing income statement, statement of cost of goods OBJ. 2, 4manufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.On CompanyOff CompanyMaterials inventory, December 1$65,800$ 195,300Materials inventory, December 31(a)91,140Materials purchased282,800(a)Cost of direct materials used in production317,800(b)Direct labor387,800577,220Factory overhead148,400256,060Total
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
