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 Off Company Materials inventory, December 1 $86,650 $110,050 Materials inventory, December 31 (a) 124,360 Materials purchased 220,090 (a) Cost of direct materials used in production 232,220 (b) Direct labor 326,670 247,610
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 Off Company Materials inventory, December 1 $86,650 $110,050 Materials inventory, December 31 (a) 124,360 Materials purchased 220,090 (a) Cost of direct materials used in production 232,220 (b) Direct labor 326,670 247,610
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 4PA: Manufacturing income statement, statement of cost of goods manufactured Several items are omitted...
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Question
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 |
Off Company |
|||
Materials inventory, December 1 | $86,650 | $110,050 | ||
Materials inventory, December 31 | (a) | 124,360 | ||
Materials purchased | 220,090 | (a) | ||
Cost of direct materials used in production | 232,220 | (b) | ||
Direct labor | 326,670 | 247,610 | ||
Factory |
101,380 | 123,260 | ||
Total |
(b) | 712,020 | ||
Total manufacturing costs | 826,640 | 826,640 | ||
Work in process inventory, December 1 | 166,370 | 265,220 | ||
Work in process inventory, December 31 | 140,370 | (c) | ||
Cost of goods manufactured | (c) | 705,420 | ||
Finished goods inventory, December 1 | 146,440 | 123,260 | ||
Finished goods inventory, December 31 | 153,370 | (d) | ||
Sales | 1,277,220 | 1,100,500 | ||
Cost of goods sold | (d) | 712,020 | ||
Gross profit | (e) | (e) | ||
Operating expenses | 166,370 | (f) | ||
Net income | (f) | 244,310 |
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
Letter | On Company | Off Company |
a. | $fill in the blank ced5d9f7005f05b_1 | $fill in the blank ced5d9f7005f05b_2 |
b. | $fill in the blank ced5d9f7005f05b_3 | $fill in the blank ced5d9f7005f05b_4 |
c. | $fill in the blank ced5d9f7005f05b_5 | $fill in the blank ced5d9f7005f05b_6 |
d. | $fill in the blank ced5d9f7005f05b_7 | $fill in the blank ced5d9f7005f05b_8 |
e. | $fill in the blank ced5d9f7005f05b_9 | $fill in the blank ced5d9f7005f05b_10 |
f. | $fill in the blank ced5d9f7005f05b_11 | $fill in the blank ced5d9f7005f05b_12 |
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