On Off Company Company Materials inventory, December 1 $82,740 $110,870 Materials inventory, December 31 (a) 125,280 Materials purchased 210,160 (a) Cost of direct materials used in production 221,740 (b) Direct labor 311,930 249,460 Factory overhead 96,810 124,170 Total manufacturing costs incurred in December (b) 717,330 Total manufacturing costs 789,340 789,340 Work in process inventory, December 1 158,860 267,200 Work in process inventory, December 31 134,040 (c) Cost of goods manufactured (c) 710,680 Finished goods inventory, December 1 139,830 124,170 Finished goods inventory, December 31 146,450 (d) Sales 1,219,590 1,108,700 Cost of goods sold (d) 717,330 Gross profit (e) (e) Operating expenses 158,860 (f) Net income (f) 246,130

On Off Company Company Materials inventory, December 1 $82,740 $110,870 Materials inventory, December 31 (a) 125,280 Materials purchased 210,160 (a) Cost of direct materials used in production 221,740 (b) Direct labor 311,930 249,460 Factory overhead 96,810 124,170 Total manufacturing costs incurred in December (b) 717,330 Total manufacturing costs 789,340 789,340 Work in process inventory, December 1 158,860 267,200 Work in process inventory, December 31 134,040 (c) Cost of goods manufactured (c) 710,680 Finished goods inventory, December 1 139,830 124,170 Finished goods inventory, December 31 146,450 (d) Sales 1,219,590 1,108,700 Cost of goods sold (d) 717,330 Gross profit (e) (e) Operating expenses 158,860 (f) Net income (f) 246,130

Name: 3. Prepare On Company's income statement for December.On CompanyIncom
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Description: 3. Prepare On Company's income statement for December.On CompanyIncome StatementFor the Month Ended December 31SalesCost of goods sold: OnOffCompanyCompanyMaterials inventory, December 1$82,740$110,870Materials inventory, December 31(a)125,280Materi

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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