Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production. Direct labor 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 Cost of goods sold Gross profit Operating expenses Net income On Company $65,450 (a) 166,240 175,410 246,750 76,580 (b) 624,400 125,660 106,030 (c) 110,610 115,850 964,730 (d) (e) 125,660 (f) Off Company $85,740 96,890 (a) (b) 192,920 96,030 554,740 761,370 206,630 (c) 549,590 96,030 (d) 857,400 554,740 (e) (f) 190,340
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production. Direct labor 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 Cost of goods sold Gross profit Operating expenses Net income On Company $65,450 (a) 166,240 175,410 246,750 76,580 (b) 624,400 125,660 106,030 (c) 110,610 115,850 964,730 (d) (e) 125,660 (f) Off Company $85,740 96,890 (a) (b) 192,920 96,030 554,740 761,370 206,630 (c) 549,590 96,030 (d) 857,400 554,740 (e) (f) 190,340
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
accounting
Transcribed Image Text:Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
On Company
Off Company
Letter
a.
b.
C.
d.
e.
f.
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
Direct materials:
Total manufacturing costs incurred
Total manufacturing costs
Transcribed Image Text: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
$65,450
(a)
166,240
175,410
246,750
76,580
(b)
Materials inventory, December 1
Materials inventory, December 31
Materials purchased
Cost of direct materials used in production
Direct labor
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
Cost of goods sold
Gross profit
Operating expenses
Net income
624,400
125,660
106,030
(c)
110,610
115,850
964,730
(d)
(e)
125,660
(f)
Off
Company
$85,740
96,890
(a)
(b)
192,920
96,030
554,740
761,370
206,630
(c)
549,590
96,030
(d)
857,400
554,740
(e)
(f)
190,340
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