Question

Several items are omitted from the income statement and cost of goods manufactured statement c off On Company Company $77,570 $100,070 Materials inventory, December 1 (a) 113,080 Materials inventory, December 31 197,030 Materials purchased 207,890 Cost of direct materials used in production 225,160 Direct labor 292,440 90,760112,080 Factory overhead Total manufacturing costs incurred in December (b) 647,450 Total manufacturing costs 888,620 740,020 Work in process inventory, December 1 241,170 148,930 Work in process inventory, December 31 125,660 Cost of goods manufactured (c) 641,450 Finished goods inventory, December 1 131,090 112,080 Finished goods inventory, December 31 137,300 Sales 1,143,380 1,000,700 Cost of goods sold (d) 647,450 Gross profit 148,930 Net income (f) 222,160 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers On Company Off Company 2 more Check My Wwork uses All work saved. Calculator eBook Required 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive number Off Company Letter On Company b. c. d. 2. Prepare On Company's statement of cost of goods manufactured for December. On Company Statement of Cost of Goods Manufactured For the Honth Ended December 31 Direct materials: Total mandachuning coats incurred during December Total mandfacturing cs agenow.com/lim/takeAssignment/takeAssignmentMain.do?invoker- assignments&itakeAssignmentSessionLocator assignme Calculator eBook Direct materials: Total manufacturing cots incurred during December Total manufacturing costs 3. Prepare On Company's income statement for December On Coemany for the Month Ended December 31 Cost o goods soldi op

Answer 1

1)

ON Company
	Answer	Calculation
a	$    66,710.00	77,570+197,030-207,890
b	$ 591,090.00	207,890+292,440+90,760
c	$ 614,360.00	591,090+148,930-125,660
d	$ 608,150.00	614,360+131,090-137,300
e	$ 535,230.00	1,143,380-608,150
f	$ 386,300.00	535,230-148,930
Off Company
	Answer	Calculation
a	$ 323,220.00	113,080-100,070+310,210
b	$ 310,210.00	647,450-225,160-112,080
c	$ 488,340.00	888,620 + 241,170 - 641,450
d	$ 106,080.00	641,450+112,080 - 647,450
e	$ 353,250.00	1,000,700 - 647,450
f	$ 131,090.00	353,250-222,160

2)

ON COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended December 31
Work in process inventory, Dec 1			$ 148,930.00
Direct materials:
Materials inventory, December 1	$    77,570.00
Purchases	$ 197,030.00
Cost of materials available for use	$ 274,600.00
Less materials inventory, December 31	$    66,710.00
Cost of Direct Materials used in Production		$ 207,890.00
Direct Labor		$ 292,440.00
Factory Overhead		$    90,760.00
Total Manufacturing Costs incurred during December			$ 591,090.00
Total Manufacturing Costs			$ 740,020.00
Less Work in Process Inventory, Dec 31			$ 125,660.00
Cost of Goods Manufactured			$ 614,360.00

3)

ON COMPANY
Income Statement
For the Month Ended December 31
Sales		$ 1,143,380.00
Cost of Goods Sold:
Finished Goods Inventory, Dec 1	$ 131,090.00
Cost of Goods Manufactured	$ 614,360.00
Cost of Finished Goods Available for Sale	$ 745,450.00
Less Finished Goods Inventory, Dec 31	$ 137,300.00
Cost of Goods Sold		$      608,150.00
Gross Profit		$      535,230.00
Operating Expenses		$      148,930.00
Net Income		$      386,300.00