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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