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 $85,340 $112,650 Materials inventory, December 31 (a) 127,290 Materials purchased 216,760 (a) Cost of direct materials used in production 228,710 (b) Direct labor 321,730 253,460 Factory overhead 99,850 126,170 Total manufacturing costs incurred in December (b) 728,850 Total manufacturing costs 814,140 1,000,340 Work in process inventory, December 1 163,850 271,490 Work in process inventory, December 31 138,250 (c) Cost of goods manufactured (c) 722,090 Finished goods inventory, December 1 144,220 126,170 Finished goods inventory, December 31 151,050 (d) Sales 1,257,910 1,126,500 Cost of goods sold (d) 728,850 Gross profit (e) (e) Operating expenses 163,850 (f) Net income (f) 250,080 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 41016404efc2008_1 $fill in the blank 41016404efc2008_2 b. $fill in the blank 41016404efc2008_3 $fill in the blank 41016404efc2008_4 c. $fill in the blank 41016404efc2008_5 $fill in the blank 41016404efc2008_6 d. $fill in the blank 41016404efc2008_7 $fill in the blank 41016404efc2008_8 e. $fill in the blank 41016404efc2008_9 $fill in the blank 41016404efc2008_10 f. $fill in the blank 41016404efc2008_11 $fill in the blank 41016404efc2008_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 a22510000ff8060_2 Direct materials: $fill in the blank a22510000ff8060_4 fill in the blank a22510000ff8060_6 $fill in the blank a22510000ff8060_8 fill in the blank a22510000ff8060_10 $fill in the blank a22510000ff8060_12 fill in the blank a22510000ff8060_14 fill in the blank a22510000ff8060_16 Total manufacturing costs incurred fill in the blank a22510000ff8060_17 Total manufacturing costs $fill in the blank a22510000ff8060_18 fill in the blank a22510000ff8060_20 $fill in the blank a22510000ff8060_22 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $fill in the blank 9ed12df81fa2077_2 Cost of goods sold: $fill in the blank 9ed12df81fa2077_4 fill in the blank 9ed12df81fa2077_6 $fill in the blank 9ed12df81fa2077_8 fill in the blank 9ed12df81fa2077_10 fill in the blank 9ed12df81fa2077_12 $fill in the blank 9ed12df81fa2077_14 fill in the blank 9ed12df81fa2077_16 $fill in the blank 9ed12df81fa2077_18

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 $85,340 $112,650 Materials inventory, December 31 (a) 127,290 Materials purchased 216,760 (a) Cost of direct materials used in production 228,710 (b) Direct labor 321,730 253,460 Factory overhead 99,850 126,170 Total manufacturing costs incurred in December (b) 728,850 Total manufacturing costs 814,140 1,000,340 Work in process inventory, December 1 163,850 271,490 Work in process inventory, December 31 138,250 (c) Cost of goods manufactured (c) 722,090 Finished goods inventory, December 1 144,220 126,170 Finished goods inventory, December 31 151,050 (d) Sales 1,257,910 1,126,500 Cost of goods sold (d) 728,850 Gross profit (e) (e) Operating expenses 163,850 (f) Net income (f) 250,080 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 41016404efc2008_1 $fill in the blank 41016404efc2008_2 b. $fill in the blank 41016404efc2008_3 $fill in the blank 41016404efc2008_4 c. $fill in the blank 41016404efc2008_5 $fill in the blank 41016404efc2008_6 d. $fill in the blank 41016404efc2008_7 $fill in the blank 41016404efc2008_8 e. $fill in the blank 41016404efc2008_9 $fill in the blank 41016404efc2008_10 f. $fill in the blank 41016404efc2008_11 $fill in the blank 41016404efc2008_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 a22510000ff8060_2 Direct materials: $fill in the blank a22510000ff8060_4 fill in the blank a22510000ff8060_6 $fill in the blank a22510000ff8060_8 fill in the blank a22510000ff8060_10 $fill in the blank a22510000ff8060_12 fill in the blank a22510000ff8060_14 fill in the blank a22510000ff8060_16 Total manufacturing costs incurred fill in the blank a22510000ff8060_17 Total manufacturing costs $fill in the blank a22510000ff8060_18 fill in the blank a22510000ff8060_20 $fill in the blank a22510000ff8060_22 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $fill in the blank 9ed12df81fa2077_2 Cost of goods sold: $fill in the blank 9ed12df81fa2077_4 fill in the blank 9ed12df81fa2077_6 $fill in the blank 9ed12df81fa2077_8 fill in the blank 9ed12df81fa2077_10 fill in the blank 9ed12df81fa2077_12 $fill in the blank 9ed12df81fa2077_14 fill in the blank 9ed12df81fa2077_16 $fill in the blank 9ed12df81fa2077_18

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

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	$85,340		$112,650
Materials inventory, December 31	(a)		127,290
Materials purchased	216,760		(a)
Cost of direct materials used in production	228,710		(b)
Direct labor	321,730		253,460
Factory overhead	99,850		126,170
Total manufacturing costs incurred in December	(b)		728,850
Total manufacturing costs	814,140		1,000,340
Work in process inventory, December 1	163,850		271,490
Work in process inventory, December 31	138,250		(c)
Cost of goods manufactured	(c)		722,090
Finished goods inventory, December 1	144,220		126,170
Finished goods inventory, December 31	151,050		(d)
Sales	1,257,910		1,126,500
Cost of goods sold	(d)		728,850
Gross profit	(e)		(e)
Operating expenses	163,850		(f)
Net income	(f)		250,080

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 41016404efc2008_1	$fill in the blank 41016404efc2008_2
b.	$fill in the blank 41016404efc2008_3	$fill in the blank 41016404efc2008_4
c.	$fill in the blank 41016404efc2008_5	$fill in the blank 41016404efc2008_6
d.	$fill in the blank 41016404efc2008_7	$fill in the blank 41016404efc2008_8
e.	$fill in the blank 41016404efc2008_9	$fill in the blank 41016404efc2008_10
f.	$fill in the blank 41016404efc2008_11	$fill in the blank 41016404efc2008_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 a22510000ff8060_2
Direct materials:
	$fill in the blank a22510000ff8060_4
	fill in the blank a22510000ff8060_6
	$fill in the blank a22510000ff8060_8
	fill in the blank a22510000ff8060_10
		$fill in the blank a22510000ff8060_12
		fill in the blank a22510000ff8060_14
		fill in the blank a22510000ff8060_16
Total manufacturing costs incurred			fill in the blank a22510000ff8060_17
Total manufacturing costs			$fill in the blank a22510000ff8060_18
			fill in the blank a22510000ff8060_20
			$fill in the blank a22510000ff8060_22

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

On Company
Income Statement
For the Month Ended December 31
		$fill in the blank 9ed12df81fa2077_2
Cost of goods sold:
	$fill in the blank 9ed12df81fa2077_4
	fill in the blank 9ed12df81fa2077_6
	$fill in the blank 9ed12df81fa2077_8
	fill in the blank 9ed12df81fa2077_10
		fill in the blank 9ed12df81fa2077_12
		$fill in the blank 9ed12df81fa2077_14
		fill in the blank 9ed12df81fa2077_16
		$fill in the blank 9ed12df81fa2077_18

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