complete all parts Ill rate Manufacturing Income Statement S

complete all parts I\'ll rate

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:

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

2. Prepare On Company\'s statement of cost of goods manufactured for December.

3. Prepare On Company\'s income statement for December.

	On Company	Off Company
Materials inventory, December 1	$85,960		$110,890
Materials inventory, December 31	(a)		125,310
Materials purchased	218,340		(a)
Cost of direct materials used in production	230,370		(b)
Direct labor	324,070		249,500
Factory overhead	100,570		124,200
Total manufacturing costs incurred in December	(b)		717,460
Total manufacturing costs	820,050		984,700
Work in process inventory, December 1	165,040		267,240
Work in process inventory, December 31	139,260		(c)
Cost of goods manufactured	(c)		710,800
Finished goods inventory, December 1	145,270		124,200
Finished goods inventory, December 31	152,150		(d)
Sales	1,267,050		1,108,900
Cost of goods sold	(d)		717,460
Gross profit	(e)		(e)
Operating expenses	165,040		(f)
Net income	(f)		246,180

Solution

On Off Company Company Materials inventory, December 1 85960 110890 Materials inventory, December 31 73930 1,25,310 Materials purchased 2,18,340 3,58,180 Cost of direct materials used in production 2,30,370 3,43,760 Direct labor 3,24,070 2,49,500 Factory overhead 1,00,570 1,24,200 Total manufacturing costs incurred in December 6,55,010 7,17,460 Total manufacturing costs 8,20,050 9,84,700 Work in process inventory, December 1 1,65,040 2,67,240 Work in process inventory, December 31 1,39,260 2,73,900 Cost of goods manufactured 6,80,790 7,10,800 Finished goods inventory, December 1 1,45,270 1,24,200 Finished goods inventory, December 31 1,52,150 1,17,540 Sales 12,67,050 11,08,900 Cost of goods sold 6,73,910 7,17,460 Gross profit 5,93,140 3,91,440 Operating expenses 1,65,040 1,45,260 Net income 4,28,100 2,46,180 1) Letter On Company Off Company a. 73930 3,58,180 b. 6,55,010 3,43,760 c. 6,80,790 2,73,900 d. 6,73,910 1,17,540 e. 5,93,140 3,91,440 f. 4,28,100 1,45,260 2) On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 1,65,040 Direct materials: Materials inventory, December 1 85960 Materials purchased 2,18,340 Total materials available 304300 Materials inventory, December 31 73930 Cost of direct materials used in production 2,30,370 Direct labor 3,24,070 Factory overhead 1,00,570 Total manufacturing costs incurred during December 6,55,010 Total manufacturing costs 8,20,050 Work in process inventory, December 31 1,39,260 Cost of goods manufactured 6,80,790 3) On Company Income Statement For the Month Ended December 31 Sales 12,67,050 Cost of goods sold: Cost of goods manufactured 6,80,790 7,10,800 Finished goods inventory, December 1 1,45,270 1,24,200 Total goods available for sale 8,26,060 8,35,000 Finished goods inventory, December 31 1,52,150 1,17,540 Cost of goods sold 6,73,910 Gross profit 5,93,140 Operating expenses 1,65,040 Net income 4,28,100