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

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

678,050 118,470 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales C

business accounting

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Answer 1

Answer #1

Answer:

Letter	On Company	Off Company
a	$66,890	$341,670
b	$592,680	$327,920
c	$616,020	$261,280
d	$609,800	$112,120
e	$536,680	$373,400
f	$387,340	$138,570

Calculations:

		on Company		Off Company
	Materials inventory, December 1	$77,780		$105,780
Less:	Materials inventory, December 31	($66,890)	a	($119,530)
Add:	Materials purchased	$197,560		$341,670	a
Balance	Cost of direct materials used in production	$208,450		$327,920	b
Add:	Direct labor	$293,230		$238,010
Add:	Factory overhead	$91,000		$118,470
Balance	Total manufacturing costs incurred in December	$592,680	b	$684,400
Add:	Work in process inventory, December 1	$149,340		$254,930
Less:	Work in process inventory, December 31	($126,000)		($261,280)	c
Balance	Cost of goods manufactured	$616,020	c	$678,050
Add:	Finished goods inventory, December 1	$131,450		$118,470
Less:	Finished goods inventory, December 31	($137,670)		($112,120)	d
Balance	Cost of goods sold	$609,800	e	$684,400

	Sales	$1,146,480		$1,057,800
Less:	Cost of goods sold	($609,800)	d	($684,400)
Balance	Gross profit	$536,680	e	$373,400	e
Less:	Operating expenses	($149,340)		($138,570)	f
Balance	Net income	$387,340	f	$234,830

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