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 $62,230 $83,390 Materials inventory, December 31 (a) 94,230 Materials purchased 158,060 (a) Cost of direct materials used in production 166,780 (b) Direct labor 234,610 187,630 Factory overhead 72,810 93,400 Total manufacturing costs incurred in December (b) 539,530 Total manufacturing costs 593,680 740,500 Work in process inventory, December 1 119,480 200,970 Work in process inventory, December 31 100,810 (c) Cost of goods manufactured (c) 534,530 Finished goods inventory, December 1 105,170 93,400 Finished goods inventory, December 31 110,150 (d) Sales 917,270 833,900 Cost of goods sold (d) 539,530 Gross profit (e) (e) Operating expenses 119,480 (f) Net income (f) 185,130 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
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 $62,230 $83,390 Materials inventory, December 31 (a) 94,230 Materials purchased 158,060 (a) Cost of direct materials used in production 166,780 (b) Direct labor 234,610 187,630 Factory overhead 72,810 93,400 Total manufacturing costs incurred in December (b) 539,530 Total manufacturing costs 593,680 740,500 Work in process inventory, December 1 119,480 200,970 Work in process inventory, December 31 100,810 (c) Cost of goods manufactured (c) 534,530 Finished goods inventory, December 1 105,170 93,400 Finished goods inventory, December 31 110,150 (d) Sales 917,270 833,900 Cost of goods sold (d) 539,530 Gross profit (e) (e) Operating expenses 119,480 (f) Net income (f) 185,130 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
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 | $62,230 | $83,390 | ||
| Materials inventory, December 31 | (a) | 94,230 | ||
| Materials purchased | 158,060 | (a) | ||
| Cost of direct materials used in production | 166,780 | (b) | ||
| Direct labor | 234,610 | 187,630 | ||
| Factory |
72,810 | 93,400 | ||
| Total |
(b) | 539,530 | ||
| Total manufacturing costs | 593,680 | 740,500 | ||
| Work in process inventory, December 1 | 119,480 | 200,970 | ||
| Work in process inventory, December 31 | 100,810 | (c) | ||
| Cost of goods manufactured | (c) | 534,530 | ||
| Finished goods inventory, December 1 | 105,170 | 93,400 | ||
| Finished goods inventory, December 31 | 110,150 | (d) | ||
| Sales | 917,270 | 833,900 | ||
| Cost of goods sold | (d) | 539,530 | ||
| Gross profit | (e) | (e) | ||
| Operating expenses | 119,480 | (f) | ||
| Net income | (f) | 185,130 |
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
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