Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

Question

Question

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement a

690,220 Cost of goods sold Gross profit Operating expenses (e) 160,010 (0) Net income 236,830 Required: 1. Determine the amou

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

1) Calculation of missing amounts of On Company

a) Materials inventory, December 31= Materials inventory, January 1+Materials purchased-Cost of direct materials used in production

= $83340+211680-223350= $71670

b) Total manufacturing overhead incurred in December= Cost of direct materials used in production+Direct labor+Factory overhead

= $223350+314190+97510= $635050

c) Cost of goods manufactured= Total manufacturing overhead incurred in December+Work in process, December 1-Work in process, December 31

= $635050+160010-135010= $660050

d) Cost of goods sold= Cost of goods manufactured+Finished goods inventory, December 1-Finished goods inventory, December 31

= $660050+140840-147510= $653380

e) Gross profit= Sales-Cost of goods sold

= $1228430-653380= $575050

f) Net profit= Gross profit-Operating expenses

= $575050-160010= $415040

Calculation of missing amounts of Off Company

b) Cost of direct materials used in production= Total manufacturing overhead incurred in December-Direct labor-Factory overhead

= $690220-240030-119480= $330710

a) Materials purchased= Cost of direct materials used in production-Materials inventory, January 1+ Materials inventory, December 31

= $330710-106680+120550= $344580

c) Work in process, December 31=Total manufacturing overhead incurred in December+Work in process, December 1- Cost of goods manufactured

= $690220+257100-683820= $263500

d) Finished goods inventory, December 31=Cost of goods manufactured+Finished goods inventory, December 1-Cost of goods sold

= $683820+119480-690220= $113080

e) Gross profit= Sales-Cost of goods sold

= $1066800-690220= $376580

f) Operating expenses= Gross profit-Net profit

= $376580-236830= $139750

Letter	On company	Off company
a.	$71670	$330710
b.	$635050	$344580
c.	$660050	$263500
d.	$653380	$113080
e.	$575050	$376580
f.	$415040	$139750

Add a comment

Answer 2

Similar Homework Help Questions

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 $60,270 $82,570 Materials inventory, December 31 (a) 93,300 Materials purchased 153,090 (a) Cost of direct materials used in production 161,520 (b) Direct labor 227,220 185,780 Factory overhead 70,520 92,480 Total manufacturing costs incurred in December (b) 534,230 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 $77,780 Off Company $105,780 119,530 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor 238,010 118,470 Factory overhead Total manufacturing costs incurred in December 197,560 208,450 293,230 91,000 (b) 742,020 149,340 126,000 684,400 742,020 254,930...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 $56,220 $75,330 Materials inventory, December 31 (a) 85,120 Materials purchased 142,800 169,490 Cost of direct materials used in production 150,670 (a) Direct labor 211,950 (b) Factory overhead 65,780 84,370 Total manufacturing costs incurred in December (b) 487,390 Total manufacturing...

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 $81,910 $103,210 Materials inventory, December 31 (a) 116,630 Materials purchased 208,050 (a) Cost of direct materials used in production 219,520 (b) Direct labor 308,800 232,220 Factory overhead 95,830 115,600 Total manufacturing costs incurred in December (b) 667,770 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured (a) Several items are omitted from the...

Manufacturing Income Statement, Statement of Cost of Goods Manufactured (a) 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 Off Company Company Materials inventory, December 1 $65,650 $82,720 Materials inventory, December 31 93,470 Materials purchased 166,750 (a) Cost of direct materials used in production 175,940 (b) Direct labor 247,500 186,120 Factory overhead 76,810 92,650 Total manufacturing costs incurred in December (b) 535,200 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 $82,890 $113,560 Materials inventory, December 31 (a) 128,320 Materials purchased 210,540 255,510 Cost of direct materials used in production 222,150 (a) Direct labor 312,500 (b) Factory overhead 96,980 127,190 Total manufacturing costs incurred in December (b) 734,730 Total manufacturing...

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 $89,560 $114,640 (a) 129,540 (a) 227.480 240,020 (b) 257,940 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred December Total manufacturing costs Work in process inventory, December...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statem...

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 $81,910 $103,210 Materials inventory, December 31 (a) 116,630 Materials purchased 208,050 (a) Cost of direct materials used in production 219,520 (b) Direct labor 308,800 232,220 Factory overhead 95,830 115,600 Total manufacturing costs incurred in December (b) 667,770 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 off Company Company $64,230 $80,930 (a) 91,450 163,140 (a) 172,140 (b) 242,150 182,090 75,150 90,640 (b) 523,620 Materials Inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing...

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

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 Off Company Company Materials inventory, December 1 $86,200 $114,650 Materials inventory, December 31 129,550 Materials purchased 218,950 (a) Cost of direct materials used in production 231,020 Direct labor 324,970 257,960 Factory overhead 100,850 128,410 Total manufacturing costs incurred in December (b) 741,790 Total manufacturing costs 822,3401,018,100...

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

Homework Answers

Add Answer to:
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...

Post as a guest

Earn Coins