Question

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter Off Company On Company 319,410 x $

Answer 1

1.

	On Company	Off Company
a.	$ 77,590	$ 246,770
b.	687,560	375,970
c.	714,630	287,510
d.	707,410	123,380
e.	622,580	410,890
f.	449,340	152,480

2.

On Company Statement of Cost of Goods Manufactured For the month ended December 31
Work in Process Inventory, December 1		$ 173,240
Direct Materials
Materials Inventory, December 1	$ 90,230
Purchases	229,180
Cost of Materials available for use	319,410
Materials Inventory, December 31	77,590
Cost of direct materials used in production		241,820
Direct labor		340,170
Factory Overhead		105,570
Total manufacturing costs incurred during December		687,560
Total manufacturing costs		860,800
Work in Process Inventory, December 31		146,170
Cost of Goods Manufactured		714,630

3.

On Company Income Statement For the month ended December 31
Sales		$ 1,329,990
Cost of goods sold
Finished goods inventory, December 1	$ 152,490
Cost of goods manufactured	714,630
Cost of finished goods available for sale	867,120
Finished goods inventory, December 31	159,710
Cost of goods sold		707,410
Gross Profit		622,580
Operating Expenses		173,240
Net Income		449,340