Several items are omitted from the Income statement and cost of goods manufactured statement data for two different companies for the month of Decer On Off Company Company Materials inventory, December 1 $56,530 $72,920 Materials inventory, December 31 (a) 82,400 Materials purchased 143,590 (a), Cost of direct materials used in production 151,500 (b) Direct labor 213,120 164,070 Factory overhead 66,140 81,670 Total manufacturing costs incurred in December (b) 471,790 Total manufacturing costs 539,300 539,300 Work in process inventory, December 1 108,540 175,740 Work in process inventory, December 31 91,580 (c) Cost of goods manufactured (c) 467,420 Finished goods inventory, December 1 95,540 81,670 Finished goods inventory, December 31 100,060 (d) Sales 833,250 729,200 Cost of goods sold (d) 471,790 Gross profit (e) (e) Operating expenses 108,540 (f) Net income (f) 161,880 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all ampunts as positive numbers. Letter On Company Off Company

Several items are omitted from the Income statement and cost of goods manufactured statement data for two different companies for the month of Decer On Off Company Company Materials inventory, December 1 $56,530 $72,920 Materials inventory, December 31 (a) 82,400 Materials purchased 143,590 (a), Cost of direct materials used in production 151,500 (b) Direct labor 213,120 164,070 Factory overhead 66,140 81,670 Total manufacturing costs incurred in December (b) 471,790 Total manufacturing costs 539,300 539,300 Work in process inventory, December 1 108,540 175,740 Work in process inventory, December 31 91,580 (c) Cost of goods manufactured (c) 467,420 Finished goods inventory, December 1 95,540 81,670 Finished goods inventory, December 31 100,060 (d) Sales 833,250 729,200 Cost of goods sold (d) 471,790 Gross profit (e) (e) Operating expenses 108,540 (f) Net income (f) 161,880 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all ampunts as positive numbers. Letter On Company Off Company

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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