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 | $68,070 | $89,850 | ||
Materials inventory, December 31 | (a) | 101,530 | ||
Materials purchased | 172,900 | (a) | ||
Cost of direct materials used in production | 182,430 | (b) | ||
Direct labor | 256,620 | 202,160 | ||
Factory overhead | 79,640 | 100,630 | ||
Total manufacturing costs incurred in December | (b) | 581,330 | ||
Total manufacturing costs | 649,380 | 797,870 | ||
Work in process inventory, December 1 | 130,690 | 216,540 | ||
Work in process inventory, December 31 | 110,270 | (c) | ||
Cost of goods manufactured | (c) | 575,940 | ||
Finished goods inventory, December 1 | 115,040 | 100,630 | ||
Finished goods inventory, December 31 | 120,480 | (d) | ||
Sales | 1,003,350 | 898,500 | ||
Cost of goods sold | (d) | 581,330 | ||
Gross profit | (e) | (e) | ||
Operating expenses | 130,690 | (f) | ||
Net income | (f) | 199,470 |
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
Letter | On Company | Off Company |
a. | $ | $ |
b. | $ | $ |
c. | $ | $ |
d. | $ | $ |
e. | $ | $ |
f. | $ | $ |
2. Prepare On Company's statement of cost of goods manufactured for December.
On Company | |||
Statement of Cost of Goods Manufactured | |||
For the Month Ended December 31 | |||
$ | |||
Direct materials: | |||
$ | |||
$ | |||
$ | |||
Total manufacturing costs incurred during December | |||
Total manufacturing costs | $ | ||
$ |
3. Prepare On Company's income statement for December.
On Company | ||
Income Statement | ||
For the Month Ended December 31 | ||
$ | ||
Cost of goods sold: | ||
$ | ||
$ | ||
$ | ||
$ |
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