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 $88,830 $121,700 Materials inventory, December 31 (a) 137,520 Materials purchased 225,630 (a) Cost of direct materials used in production 238,060 (b) Direct labor 334,890 273,830 Factory overhead 103,930 136,300 Total manufacturing costs incurred in December (b) 787,400 Total manufacturing costs 847,430 1,080,700 Work in process inventory, December 1 170,550 293,300 Work in process inventory, December 31 143,900 (c) Cost of goods manufactured (c) 780,100 Finished goods inventory, December 1 150,120 136,300 Finished goods inventory, December 31 157,230 (d) Sales 1,309,350 1,217,000 Cost of goods sold (d) 787,400 Gross profit (e) (e) Operating expenses 170,550 (f) Net income (f) 270,170 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 4a1fc8ff1ff8067_1 $fill in the blank 4a1fc8ff1ff8067_2 b. $fill in the blank 4a1fc8ff1ff8067_3 $fill in the blank 4a1fc8ff1ff8067_4 c. $fill in the blank 4a1fc8ff1ff8067_5 $fill in the blank 4a1fc8ff1ff8067_6 d. $fill in the blank 4a1fc8ff1ff8067_7 $fill in the blank 4a1fc8ff1ff8067_8 e. $fill in the blank 4a1fc8ff1ff8067_9 $fill in the blank 4a1fc8ff1ff8067_10 f. $fill in the blank 4a1fc8ff1ff8067_11 $fill in the blank 4a1fc8ff1ff8067_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 23b44afe6fdf056_2 Direct materials: $fill in the blank 23b44afe6fdf056_4 fill in the blank 23b44afe6fdf056_6 $fill in the blank 23b44afe6fdf056_8 fill in the blank 23b44afe6fdf056_10 $fill in the blank 23b44afe6fdf056_12 fill in the blank 23b44afe6fdf056_14 fill in the blank 23b44afe6fdf056_16 Total manufacturing costs incurred during December fill in the blank 23b44afe6fdf056_17 Total manufacturing costs $fill in the blank 23b44afe6fdf056_18 fill in the blank 23b44afe6fdf056_20 $fill in the blank 23b44afe6fdf056_22 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $fill in the blank 7d239406e05600d_2 Cost of goods sold: $fill in the blank 7d239406e05600d_4 fill in the blank 7d239406e05600d_6 $fill in the blank 7d239406e05600d_8 fill in the blank 7d239406e05600d_10 fill in the blank 7d239406e05600d_12 $fill in the blank 7d239406e05600d_14 fill in the blank 7d239406e05600d_16

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 $88,830 $121,700 Materials inventory, December 31 (a) 137,520 Materials purchased 225,630 (a) Cost of direct materials used in production 238,060 (b) Direct labor 334,890 273,830 Factory overhead 103,930 136,300 Total manufacturing costs incurred in December (b) 787,400 Total manufacturing costs 847,430 1,080,700 Work in process inventory, December 1 170,550 293,300 Work in process inventory, December 31 143,900 (c) Cost of goods manufactured (c) 780,100 Finished goods inventory, December 1 150,120 136,300 Finished goods inventory, December 31 157,230 (d) Sales 1,309,350 1,217,000 Cost of goods sold (d) 787,400 Gross profit (e) (e) Operating expenses 170,550 (f) Net income (f) 270,170 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 4a1fc8ff1ff8067_1 $fill in the blank 4a1fc8ff1ff8067_2 b. $fill in the blank 4a1fc8ff1ff8067_3 $fill in the blank 4a1fc8ff1ff8067_4 c. $fill in the blank 4a1fc8ff1ff8067_5 $fill in the blank 4a1fc8ff1ff8067_6 d. $fill in the blank 4a1fc8ff1ff8067_7 $fill in the blank 4a1fc8ff1ff8067_8 e. $fill in the blank 4a1fc8ff1ff8067_9 $fill in the blank 4a1fc8ff1ff8067_10 f. $fill in the blank 4a1fc8ff1ff8067_11 $fill in the blank 4a1fc8ff1ff8067_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 23b44afe6fdf056_2 Direct materials: $fill in the blank 23b44afe6fdf056_4 fill in the blank 23b44afe6fdf056_6 $fill in the blank 23b44afe6fdf056_8 fill in the blank 23b44afe6fdf056_10 $fill in the blank 23b44afe6fdf056_12 fill in the blank 23b44afe6fdf056_14 fill in the blank 23b44afe6fdf056_16 Total manufacturing costs incurred during December fill in the blank 23b44afe6fdf056_17 Total manufacturing costs $fill in the blank 23b44afe6fdf056_18 fill in the blank 23b44afe6fdf056_20 $fill in the blank 23b44afe6fdf056_22 3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $fill in the blank 7d239406e05600d_2 Cost of goods sold: $fill in the blank 7d239406e05600d_4 fill in the blank 7d239406e05600d_6 $fill in the blank 7d239406e05600d_8 fill in the blank 7d239406e05600d_10 fill in the blank 7d239406e05600d_12 $fill in the blank 7d239406e05600d_14 fill in the blank 7d239406e05600d_16

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	$88,830		$121,700
Materials inventory, December 31	(a)		137,520
Materials purchased	225,630		(a)
Cost of direct materials used in production	238,060		(b)
Direct labor	334,890		273,830
Factory overhead	103,930		136,300
Total manufacturing costs incurred in December	(b)		787,400
Total manufacturing costs	847,430		1,080,700
Work in process inventory, December 1	170,550		293,300
Work in process inventory, December 31	143,900		(c)
Cost of goods manufactured	(c)		780,100
Finished goods inventory, December 1	150,120		136,300
Finished goods inventory, December 31	157,230		(d)
Sales	1,309,350		1,217,000
Cost of goods sold	(d)		787,400
Gross profit	(e)		(e)
Operating expenses	170,550		(f)
Net income	(f)		270,170

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 4a1fc8ff1ff8067_1	$fill in the blank 4a1fc8ff1ff8067_2
b.	$fill in the blank 4a1fc8ff1ff8067_3	$fill in the blank 4a1fc8ff1ff8067_4
c.	$fill in the blank 4a1fc8ff1ff8067_5	$fill in the blank 4a1fc8ff1ff8067_6
d.	$fill in the blank 4a1fc8ff1ff8067_7	$fill in the blank 4a1fc8ff1ff8067_8
e.	$fill in the blank 4a1fc8ff1ff8067_9	$fill in the blank 4a1fc8ff1ff8067_10
f.	$fill in the blank 4a1fc8ff1ff8067_11	$fill in the blank 4a1fc8ff1ff8067_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 23b44afe6fdf056_2
Direct materials:
	$fill in the blank 23b44afe6fdf056_4
	fill in the blank 23b44afe6fdf056_6
	$fill in the blank 23b44afe6fdf056_8
	fill in the blank 23b44afe6fdf056_10
		$fill in the blank 23b44afe6fdf056_12
		fill in the blank 23b44afe6fdf056_14
		fill in the blank 23b44afe6fdf056_16
Total manufacturing costs incurred during December			fill in the blank 23b44afe6fdf056_17
Total manufacturing costs			$fill in the blank 23b44afe6fdf056_18
			fill in the blank 23b44afe6fdf056_20
			$fill in the blank 23b44afe6fdf056_22

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

On Company
Income Statement
For the Month Ended December 31
		$fill in the blank 7d239406e05600d_2
Cost of goods sold:
	$fill in the blank 7d239406e05600d_4
	fill in the blank 7d239406e05600d_6
	$fill in the blank 7d239406e05600d_8
	fill in the blank 7d239406e05600d_10
		fill in the blank 7d239406e05600d_12
		$fill in the blank 7d239406e05600d_14
		fill in the blank 7d239406e05600d_16
		$

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