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 $86,650 $110,050 Materials inventory, December 31 (a) 124,360 Materials purchased 220,090 (a) Cost of direct materials used in production 232,220 (b) Direct labor 326,670 247,610 Factory overhead 101,380 123,260 Total manufacturing costs incurred in December (b) 712,020 Total manufacturing costs 826,640 826,640 Work in process inventory, December 1 166,370 265,220 Work in process inventory, December 31 140,370 (c) Cost of goods manufactured (c) 705,420 Finished goods inventory, December 1 146,440 123,260 Finished goods inventory, December 31 153,370 (d) Sales 1,277,220 1,100,500 Cost of goods sold (d) 712,020 Gross profit (e) (e) Operating expenses 166,370 (f) Net income (f) 244,310
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 $86,650 $110,050 Materials inventory, December 31 (a) 124,360 Materials purchased 220,090 (a) Cost of direct materials used in production 232,220 (b) Direct labor 326,670 247,610 Factory overhead 101,380 123,260 Total manufacturing costs incurred in December (b) 712,020 Total manufacturing costs 826,640 826,640 Work in process inventory, December 1 166,370 265,220 Work in process inventory, December 31 140,370 (c) Cost of goods manufactured (c) 705,420 Finished goods inventory, December 1 146,440 123,260 Finished goods inventory, December 31 153,370 (d) Sales 1,277,220 1,100,500 Cost of goods sold (d) 712,020 Gross profit (e) (e) Operating expenses 166,370 (f) Net income (f) 244,310
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 4PA: Manufacturing income statement, statement of cost of goods manufactured Several items are omitted...
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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
CompanyOff
CompanyMaterials inventory, December 1 $86,650 $110,050 Materials inventory, December 31 (a) 124,360 Materials purchased 220,090 (a) Cost of direct materials used in production 232,220 (b) Direct labor 326,670 247,610 Factory overhead 101,380 123,260 Total manufacturing costs incurred in December(b) 712,020 Total manufacturing costs 826,640 826,640 Work in process inventory, December 1 166,370 265,220 Work in process inventory, December 31 140,370 (c) Cost of goods manufactured (c) 705,420 Finished goods inventory, December 1 146,440 123,260 Finished goods inventory, December 31 153,370 (d) Sales 1,277,220 1,100,500 Cost of goods sold (d) 712,020 Gross profit (e) (e) Operating expenses 166,370 (f) Net income (f) 244,310 Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
Letter On Company Off Company a. $fill in the blank ced5d9f7005f05b_1 $fill in the blank ced5d9f7005f05b_2 b. $fill in the blank ced5d9f7005f05b_3 $fill in the blank ced5d9f7005f05b_4 c. $fill in the blank ced5d9f7005f05b_5 $fill in the blank ced5d9f7005f05b_6 d. $fill in the blank ced5d9f7005f05b_7 $fill in the blank ced5d9f7005f05b_8 e. $fill in the blank ced5d9f7005f05b_9 $fill in the blank ced5d9f7005f05b_10 f. $fill in the blank ced5d9f7005f05b_11 $fill in the blank ced5d9f7005f05b_12 2. Prepare On Company's statement of cost of goods manufactured for December.
Statement of Cost of Goods Manufactured
For the Month Ended December 31
$- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - - Select - Total manufacturing costs incurred during December fill in the blank 8aa5c3036fec053_17 Total manufacturing costs $fill in the blank 8aa5c3036fec053_18 - Select - $- Select - 3. Prepare On Company's income statement for December.
Income Statement
For the Month Ended December 31
$- Select - Cost of goods sold: $- Select - - Select - $- Select - - Select - - Select - $- Select - - Select - $- Select -
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