Question

PR 15-4B Manufacturing income statement, statement of manufactured cost of goods 1. C. On Company, Several items are omitted from the income statement and cost of $800,800 data for two different companies for the month of December $65,800 Materials inventory, December 1 EXCEL TEMPLATE Materials inventory, December 31 282,800 Materials purchased 317,800 387,800 148,400 Cost of direct materials used in production Analysis 577 220 256,060 1,519,000 ,727 320 Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses 973,000 19,000 172,200 1,532,020 269,080 224,000 197,400 1,127,000 1,944320 545,040 117,600 Net income 164,920 Instructions 1. For both companies, determine the amounts of the missing items (A) through ing them by letter. 2. Prepare On Company's statement of cost of goods manufactured for December. 3. Prepare On Company's income statement for December.

Answer 1

D2 X f On Company On Company Off Compan 65,800 195,300 materials inventory, dec 1 materials inventory, dec 31 materials purchased cost of materials used in production direct labor factory overhead total manufacturing costs incurred in december (B) S 854,000 total manufacturing costs work in progress, dec 1 work in progress, dec 31 cost of goods manufactured finished goods inventory, dec 1 finished goods inventory, dec 31 sales cost of goods sold gross profit operating expenses net income 30,800 S91, $282,800$581,560 (A $ 317,800$685,720 (B) 4 6 $ 387,800 $77,220 $ 148,400256,060 1,519,000 973,000 1,727,320 $ 119,000$208,320 10 $172,200$195,300 (C 1,532,020 224,000 269,080 13 14 15 16 17 800,800 $ 197,400 $ 256,060 (D $ 1,127,000$1,944,320 (D)827,400 1,545,040 E) $ 299,600$ 399,280 (E $ 117,600234,360(F) (F) S 182,000 164,920 21

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