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 $75,740   $103,010   Materials inventory, December 31 (a)   116,400   Materials purchased 192,380   (a)   Cost of direct materials used in production 202,980   (b)   Direct labor 285,540   231,770   Factory overhead 88,620   115,370   Total manufacturing costs incurred in December (b)   666,470   Total manufacturing costs 722,560   722,560   Work in process inventory, December 1 145,420   248,250   Work in process inventory, December 31 122,700   (c)   Cost of goods manufactured (c)   660,290   Finished goods inventory, December 1 128,000   115,370   Finished goods inventory, December 31 134,060   (d)   Sales 1,116,410   1,030,100   Cost of goods sold (d)   666,470   Gross profit (e)   (e)   Operating expenses 145,420   (f)   Net income (f)   228,680   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 46c7cefc1ffafb5_1 $fill in the blank 46c7cefc1ffafb5_2 b. $fill in the blank 46c7cefc1ffafb5_3 $fill in the blank 46c7cefc1ffafb5_4 c. $fill in the blank 46c7cefc1ffafb5_5 $fill in the blank 46c7cefc1ffafb5_6 d. $fill in the blank 46c7cefc1ffafb5_7 $fill in the blank 46c7cefc1ffafb5_8 e. $fill in the blank 46c7cefc1ffafb5_9 $fill in the blank 46c7cefc1ffafb5_10 f. $fill in the blank 46c7cefc1ffafb5_11 $fill in the blank 46c7cefc1ffafb5_12 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       $fill in the blank 6cf8c801b022067_2 Direct materials:         $fill in the blank 6cf8c801b022067_4       fill in the blank 6cf8c801b022067_6       $fill in the blank 6cf8c801b022067_8       fill in the blank 6cf8c801b022067_10         $fill in the blank 6cf8c801b022067_12       fill in the blank 6cf8c801b022067_14       fill in the blank 6cf8c801b022067_16   Total manufacturing costs incurred during December     fill in the blank 6cf8c801b022067_17 Total manufacturing costs     $fill in the blank 6cf8c801b022067_18       fill in the blank 6cf8c801b022067_20       $fill in the blank 6cf8c801b022067_22

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 $75,740   $103,010  
Materials inventory, December 31 (a)   116,400  
Materials purchased 192,380   (a)  
Cost of direct materials used in production 202,980   (b)  
Direct labor 285,540   231,770  
Factory overhead 88,620   115,370  
Total manufacturing costs incurred in December (b)   666,470  
Total manufacturing costs 722,560   722,560  
Work in process inventory, December 1 145,420   248,250  
Work in process inventory, December 31 122,700   (c)  
Cost of goods manufactured (c)   660,290  
Finished goods inventory, December 1 128,000   115,370  
Finished goods inventory, December 31 134,060   (d)  
Sales 1,116,410   1,030,100  
Cost of goods sold (d)   666,470  
Gross profit (e)   (e)  
Operating expenses 145,420   (f)  
Net income (f)   228,680  

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 46c7cefc1ffafb5_1 $fill in the blank 46c7cefc1ffafb5_2
b. $fill in the blank 46c7cefc1ffafb5_3 $fill in the blank 46c7cefc1ffafb5_4
c. $fill in the blank 46c7cefc1ffafb5_5 $fill in the blank 46c7cefc1ffafb5_6
d. $fill in the blank 46c7cefc1ffafb5_7 $fill in the blank 46c7cefc1ffafb5_8
e. $fill in the blank 46c7cefc1ffafb5_9 $fill in the blank 46c7cefc1ffafb5_10
f. $fill in the blank 46c7cefc1ffafb5_11 $fill in the blank 46c7cefc1ffafb5_12

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
      $fill in the blank 6cf8c801b022067_2
Direct materials:      
  $fill in the blank 6cf8c801b022067_4    
  fill in the blank 6cf8c801b022067_6    
  $fill in the blank 6cf8c801b022067_8    
  fill in the blank 6cf8c801b022067_10    
    $fill in the blank 6cf8c801b022067_12  
    fill in the blank 6cf8c801b022067_14  
    fill in the blank 6cf8c801b022067_16  
Total manufacturing costs incurred during December     fill in the blank 6cf8c801b022067_17
Total manufacturing costs     $fill in the blank 6cf8c801b022067_18
      fill in the blank 6cf8c801b022067_20
      $fill in the blank 6cf8c801b022067_22
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