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 $75,740 $103,010 Materials inventory, December 31 (a) 116,400 Materials purchased 192,380 (a) Cost of direct materials used in production 202,980 (b) Direct labor 285,540 231,770 Factory overhead 88,620 115,370 Total manufacturing costs incurred in December (b) 666,470 Total manufacturing costs 722,560 722,560 Work in process inventory, December 1 145,420 248,250 Work in process inventory, December 31 122,700 (c) Cost of goods manufactured (c) 660,290 Finished goods inventory, December 1 128,000 115,370 Finished goods inventory, December 31 134,060 (d) Sales 1,116,410 1,030,100 Cost of goods sold (d) 666,470 Gross profit (e) (e) Operating expenses 145,420 (f) Net income (f) 228,680 Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 $fill in the blank bfb7ca04e02d06c_2 Cost of goods sold: $fill in the blank bfb7ca04e02d06c_4 fill in the blank bfb7ca04e02d06c_6 $fill in the blank bfb7ca04e02d06c_8 fill in the blank bfb7ca04e02d06c_10 fill in the blank bfb7ca04e02d06c_12 $fill in the blank bfb7ca04e02d06c_14 fill in the blank bfb7ca04e02d06c_16 $fill in the blank bfb7ca04e02d

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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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	$75,740		$103,010
Materials inventory, December 31	(a)		116,400
Materials purchased	192,380		(a)
Cost of direct materials used in production	202,980		(b)
Direct labor	285,540		231,770
Factory overhead	88,620		115,370
Total manufacturing costs incurred in December	(b)		666,470
Total manufacturing costs	722,560		722,560
Work in process inventory, December 1	145,420		248,250
Work in process inventory, December 31	122,700		(c)
Cost of goods manufactured	(c)		660,290
Finished goods inventory, December 1	128,000		115,370
Finished goods inventory, December 31	134,060		(d)
Sales	1,116,410		1,030,100
Cost of goods sold	(d)		666,470
Gross profit	(e)		(e)
Operating expenses	145,420		(f)
Net income	(f)		228,680

Prepare On Company's income statement for December.

On Company
Income Statement
For the Month Ended December 31
		$fill in the blank bfb7ca04e02d06c_2
Cost of goods sold:
	$fill in the blank bfb7ca04e02d06c_4
	fill in the blank bfb7ca04e02d06c_6
	$fill in the blank bfb7ca04e02d06c_8
	fill in the blank bfb7ca04e02d06c_10
		fill in the blank bfb7ca04e02d06c_12
		$fill in the blank bfb7ca04e02d06c_14
		fill in the blank bfb7ca04e02d06c_16
		$fill in the blank bfb7ca04e02d06c_18

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