MiSsing items (a) through (f), identifying 1. For both companies, determine the them by letter. 2. Prepare On Company's statement of cost of goods manufactured for December 3. Prepare On Company's income statement for December.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Obj. 3
PR 15-4B Manufacturing income statement, statement of cost of goods
manufactured
ny,
00
Several items are omitted from the income statement and cost of goods manufactured statement
data for two different companies for the month of December:
Off
Company
$ 195,300
91,140
On
Company
$ 65,800
Materials inventory, December 1
Materials inventory, December 31
Materials purchased
Cost of direct materials used in production
(a)
282,800
(a)
317,800
(b)
Direct labor
387,800
577,220
256,060
Factory overhead
Total manufacturing costs incurred in December
Total manufacturing costs
Work in process inventory, December 1
Work in process inventory, December 31
Cost of goods manufactured
Finished goods inventory, December 1
Finished goods inventory, December 31
Sales
148,400
(b)
1,519,000
973,000
1,727,320
208,320
(c)
119,000
172,200
(c)
1,532,020
224,000
269,080
197,400
(d)
1,127,000
(d)
1,944,320
Cost of goods sold
Gross profit
1,545,040
(e)
117,600
(f).
(e)
(f)
164,920
Operating expenses
Net income
Instructions
1. For both companies, determine the amounts of the missing items (a) through (f), identifving
them by letter.
2. Prepare On Company's statement of cost of goods manufactured for December
3. Prepare On Company's income statement for December.
Transcribed Image Text:Obj. 3 PR 15-4B Manufacturing income statement, statement of cost of goods manufactured ny, 00 Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Off Company $ 195,300 91,140 On Company $ 65,800 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production (a) 282,800 (a) 317,800 (b) Direct labor 387,800 577,220 256,060 Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales 148,400 (b) 1,519,000 973,000 1,727,320 208,320 (c) 119,000 172,200 (c) 1,532,020 224,000 269,080 197,400 (d) 1,127,000 (d) 1,944,320 Cost of goods sold Gross profit 1,545,040 (e) 117,600 (f). (e) (f) 164,920 Operating expenses Net income Instructions 1. For both companies, determine the amounts of the missing items (a) through (f), identifving them by letter. 2. Prepare On Company's statement of cost of goods manufactured for December 3. Prepare On Company's income statement for December.
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