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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 Off Company Company Materials inventory, December 1 $83,810 $111,470 Materials inventory, December 31 (a) 125,960 Materials purchased 212,880 (a) Cost of direct materials used in production 224,610 (b) Direct labor 315,960 250,810 Factory overhead 98,060 124,850 Total manufacturing costs incurred in December (b) 721,210 Total manufacturing costs 799,550 989,850 Work in process inventory, December 1 160,920 268,640 Work in process inventory, December 31 135,770 (c) Cost of goods manufactured (c) 714,520 Finished goods inventory, December 1 141,640 124,850 Finished goods inventory, December 31 148,340 (d) Sales 1,235,360 1,114,700 Cost of goods sold (d) 721,210 Gross profit (e) (e) Operating expenses 160,920 (f) Net income (f) 247,460 Required: 1. Determine the amounts of the missina items, identifvina them by letter. Enter all amounts as positive numbe

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 Off Company Company Materials inventory, December 1 $83,810 $111,470 Materials inventory, December 31 (a) 125,960 Materials purchased 212,880 (a) Cost of direct materials used in production 224,610 (b) Direct labor 315,960 250,810 Factory overhead 98,060 124,850 Total manufacturing costs incurred in December (b) 721,210 Total manufacturing costs 799,550 989,850 Work in process inventory, December 1 160,920 268,640 Work in process inventory, December 31 135,770 (c) Cost of goods manufactured (c) 714,520 Finished goods inventory, December 1 141,640 124,850 Finished goods inventory, December 31 148,340 (d) Sales 1,235,360 1,114,700 Cost of goods sold (d) 721,210 Gross profit (e) (e) Operating expenses 160,920 (f) Net income (f) 247,460 Required: 1. Determine the amounts of the missina items, identifvina them by letter. Enter all amounts as positive numbe

FINANCIAL ACCOUNTING
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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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 Off Company Company Materials inventory, December 1 $83,810 $111,470 Materials inventory, December 31 (a) 125,960 Materials purchased 212,880 (a) Cost of direct materials used in production 224,610 (b) Direct labor 315,960 250,810 Factory overhead 98,060 124,850 Total manufacturing costs incurred in December (b) 721,210 Total manufacturing costs 799,550 989,850 Work in process inventory, December 1 160,920 268,640 Work in process inventory, December 31 135,770 (c) Cost of goods manufactured (c) 714,520 Finished goods inventory, December 1 141,640 124,850 Finished goods inventory, December 31 148,340 (d) Sales 1,235,360 1,114,700 Cost of goods sold (d) 721,210 Gross profit (e) (e) Operating expenses 160,920 (f) Net income (f) 247,460 Required: 1. Determine the amounts of the missina items, identifvina them by letter. Enter all amounts as positive numbe
Transcribed Image Text: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 Off Company Company Materials inventory, December 1 $83,810 $111,470 Materials inventory, December 31 (a) 125,960 Materials purchased 212,880 (a) Cost of direct materials used in production 224,610 (b) Direct labor 315,960 250,810 Factory overhead 98,060 124,850 Total manufacturing costs incurred in December (b) 721,210 Total manufacturing costs 799,550 989,850 Work in process inventory, December 1 160,920 268,640 Work in process inventory, December 31 135,770 (c) Cost of goods manufactured (c) 714,520 Finished goods inventory, December 1 141,640 124,850 Finished goods inventory, December 31 148,340 (d) Sales 1,235,360 1,114,700 Cost of goods sold (d) 721,210 Gross profit (e) (e) Operating expenses 160,920 (f) Net income (f) 247,460 Required: 1. Determine the amounts of the missina items, identifvina them by letter. Enter all amounts as positive numbe
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