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Business
Accounting
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 $87,390 $110,110     Materials inventory, December 31 (a) 124,420     Materials purchased 221,970 (a)     Cost of direct materials used in production 234,210 (b)     Direct labor 329,460 247,750     Factory overhead 102,250 123,320     Total manufacturing costs incurred in December (b) 712,410     Total manufacturing costs 833,710 833,710     Work in process inventory, December 1 167,790 265,370     Work in process inventory, December 31 141,570 (c)     Cost of goods manufactured (c) 705,810     Finished goods inventory, December 1 147,690 123,320     Finished goods inventory, December 31 154,680 (d)     Sales 1,288,130 1,101,100     Cost of goods sold (d) 712,410     Gross profit (e) (e)     Operating expenses 167,790 (f)     Net income (f) 244,440     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 a. $ $ b. $ $ c. $ $ d. $ $ e. $ $ f. $ $   Question Content Area 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 ?     $___ Direct materials:       ? $___     ? $___     ? $___     ? $___     ?   $___   ?   $___   ?   $___   Total manufacturing costs incurred during December     $___ Total manufacturing costs     $___ ?     $___ ?     $___ Question Content Area 3.  Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 ?   $ Cost of goods sold:     ? $   ? $   ? $   ? $   ?   $ ?   $ ?   $ ?   $

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 $87,390 $110,110     Materials inventory, December 31 (a) 124,420     Materials purchased 221,970 (a)     Cost of direct materials used in production 234,210 (b)     Direct labor 329,460 247,750     Factory overhead 102,250 123,320     Total manufacturing costs incurred in December (b) 712,410     Total manufacturing costs 833,710 833,710     Work in process inventory, December 1 167,790 265,370     Work in process inventory, December 31 141,570 (c)     Cost of goods manufactured (c) 705,810     Finished goods inventory, December 1 147,690 123,320     Finished goods inventory, December 31 154,680 (d)     Sales 1,288,130 1,101,100     Cost of goods sold (d) 712,410     Gross profit (e) (e)     Operating expenses 167,790 (f)     Net income (f) 244,440     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 a. $ $ b. $ $ c. $ $ d. $ $ e. $ $ f. $ $   Question Content Area 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 ?     $___ Direct materials:       ? $___     ? $___     ? $___     ? $___     ?   $___   ?   $___   ?   $___   Total manufacturing costs incurred during December     $___ Total manufacturing costs     $___ ?     $___ ?     $___ Question Content Area 3.  Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 ?   $ Cost of goods sold:     ? $   ? $   ? $   ? $   ?   $ ?   $ ?   $ ?   $

FINANCIAL ACCOUNTING
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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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 $87,390 $110,110    
Materials inventory, December 31 (a) 124,420    
Materials purchased 221,970 (a)    
Cost of direct materials used in production 234,210 (b)    
Direct labor 329,460 247,750    
Factory overhead 102,250 123,320    
Total manufacturing costs incurred in December (b) 712,410    
Total manufacturing costs 833,710 833,710    
Work in process inventory, December 1 167,790 265,370    
Work in process inventory, December 31 141,570 (c)    
Cost of goods manufactured (c) 705,810    
Finished goods inventory, December 1 147,690 123,320    
Finished goods inventory, December 31 154,680 (d)    
Sales 1,288,130 1,101,100    
Cost of goods sold (d) 712,410    
Gross profit (e) (e)    
Operating expenses 167,790 (f)    
Net income (f) 244,440    

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
a. $ $
b. $ $
c. $ $
d. $ $
e. $ $
f. $ $
 

Question Content Area

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
?
     $___
Direct materials:      
?
 $___    
?
 $___    
?
 $___    
?
 $___    
?
   $___  
?
   $___  
?
   $___  
Total manufacturing costs incurred during December     $___
Total manufacturing costs     $___
?
     $___
?
     $___

Question Content Area

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

On Company Income Statement For the Month Ended December 31
?
   $
Cost of goods sold:    
? $  
?
 $  
? $  
?
 $  
?
   $
?
   $
?
   $
?
   $
Expert Solution
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An income statement is a financial report that indicates the revenue and expenses of a business. It also indicates when a business is profitable or losing money for a given time span.

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