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. On Company Off Company Materials inventory, December 1 $85,330 $114,340 Materials inventory, December 31 (a) 129,200 Materials purchased 216,740 (a) Cost of direct materials used in production 228,680 (b) Direct labor 321,690 257,270 Factory overhead 99,840 128,060 Total manufacturing costs incurred in December (b) 739,780 Total manufacturing costs 814,040 1,015,340 Work in process inventory, December 1 163,830 275,560 Work in process inventory, December 31 138,230 (c) Cost of goods manufactured (c) 732,920 Finished goods inventory, December 1 144,210 128,060 Finished goods inventory, December 31 151,030 (d) Sales 1,257,760 1,143,400 Cost of goods sold (d) 739,780 Gross profit (e) (e) Operating expenses 163,830 (f) Net income (f) 253,830 Required: Question Content Area 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter On Company Off Company 2. Prepare On Company's statement of cost of goods manufactured for December. On CompanyStatement of Cost of Goods ManufacturedFor the Month Ended December 31 $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - - Select - Total manufacturing costs incurred fill in the blank 5ccb10fe4fb4075_17 Total manufacturing costs $fill in the blank 5ccb10fe4fb4075_18 - Select - $- Select - Feedback Area Feedback Question Content Area 3. Prepare On Company's income statement for December. On CompanyIncome StatementFor the Month Ended December 31 $- Select - Cost of goods sold: $- Select - - Select - $- Select - - Select - - Select - $- Select - - Select - $- Select -

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. On Company Off Company Materials inventory, December 1 $85,330 $114,340 Materials inventory, December 31 (a) 129,200 Materials purchased 216,740 (a) Cost of direct materials used in production 228,680 (b) Direct labor 321,690 257,270 Factory overhead 99,840 128,060 Total manufacturing costs incurred in December (b) 739,780 Total manufacturing costs 814,040 1,015,340 Work in process inventory, December 1 163,830 275,560 Work in process inventory, December 31 138,230 (c) Cost of goods manufactured (c) 732,920 Finished goods inventory, December 1 144,210 128,060 Finished goods inventory, December 31 151,030 (d) Sales 1,257,760 1,143,400 Cost of goods sold (d) 739,780 Gross profit (e) (e) Operating expenses 163,830 (f) Net income (f) 253,830 Required: Question Content Area 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter On Company Off Company 2. Prepare On Company's statement of cost of goods manufactured for December. On CompanyStatement of Cost of Goods ManufacturedFor the Month Ended December 31 $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - - Select - Total manufacturing costs incurred fill in the blank 5ccb10fe4fb4075_17 Total manufacturing costs $fill in the blank 5ccb10fe4fb4075_18 - Select - $- Select - Feedback Area Feedback Question Content Area 3. Prepare On Company's income statement for December. On CompanyIncome StatementFor the Month Ended December 31 $- Select - Cost of goods sold: $- Select - - Select - $- Select - - Select - - Select - $- Select - - Select - $- Select -

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question Content Area

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Letter

On Company

Off Company

2. Prepare On Company's statement of cost of goods manufactured for December.

On CompanyStatement of Cost of Goods ManufacturedFor the Month Ended December 31

			$- Select -
Direct materials:
	$- Select -
	- Select -
	$- Select -
	- Select -
		$- Select -
		- Select -
		- Select -
Total manufacturing costs incurred			fill in the blank 5ccb10fe4fb4075_17
Total manufacturing costs			$fill in the blank 5ccb10fe4fb4075_18
			- Select -
			$- Select -

Feedback Area

Feedback

Question Content Area

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

On CompanyIncome StatementFor the Month Ended December 31

		$- Select -
Cost of goods sold:
	$- Select -
	- Select -
	$- Select -
	- Select -
		- Select -
		$- Select -
		- Select -
		$- Select -

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	On Company	Off Company
Materials inventory, December 1	$85,330		$114,340
Materials inventory, December 31	(a)		129,200
Materials purchased	216,740		(a)
Cost of direct materials used in production	228,680		(b)
Direct labor	321,690		257,270
Factory overhead	99,840		128,060
Total manufacturing costs incurred in December	(b)		739,780
Total manufacturing costs	814,040		1,015,340
Work in process inventory, December 1	163,830		275,560
Work in process inventory, December 31	138,230		(c)
Cost of goods manufactured	(c)		732,920
Finished goods inventory, December 1	144,210		128,060
Finished goods inventory, December 31	151,030		(d)
Sales	1,257,760		1,143,400
Cost of goods sold	(d)		739,780
Gross profit	(e)		(e)
Operating expenses	163,830		(f)
Net income	(f)		253,830