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 $81,060 $102,950 Materials inventory, December 31 (a) 116,330 Materials purchased 205,890 (a) Cost of direct materials used in production 217,240 (b) Direct labor 305,600 231,640 Factory overhead 94,840 115,300 Total manufacturing costs incurred in December (b) 666,090 Total manufacturing costs 773,320 773,320 Work in process inventory, December 1 155,640 248,110 Work in process inventory, December 31 131,320 (c) Cost of goods manufactured (c) 659,910 Finished goods inventory, December 1 136,990 115,300 Finished goods inventory, December 31 143,480 (d) Sales 1,194,820 1,029,500 Cost of goods sold (d) 666,090 Gross profit (e) (e) Operating expenses 155,640 (f) Net income (f) 228,550 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. $ $ b. $ $ c. $ $ d. $ $ e. $ $ f. $ $ 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 $ $ 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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	$81,060		$102,950
Materials inventory, December 31	(a)		116,330
Materials purchased	205,890		(a)
Cost of direct materials used in production	217,240		(b)
Direct labor	305,600		231,640
Factory overhead	94,840		115,300
Total manufacturing costs incurred in December	(b)		666,090
Total manufacturing costs	773,320		773,320
Work in process inventory, December 1	155,640		248,110
Work in process inventory, December 31	131,320		(c)
Cost of goods manufactured	(c)		659,910
Finished goods inventory, December 1	136,990		115,300
Finished goods inventory, December 31	143,480		(d)
Sales	1,194,820		1,029,500
Cost of goods sold	(d)		666,090
Gross profit	(e)		(e)
Operating expenses	155,640		(f)
Net income	(f)		228,550

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

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			$

			$

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

On Company
Income Statement
For the Month Ended December 31
		$
Cost of goods sold:
	$

	$


		$

		$

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