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

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Accounting

  1. Manufacturing Income Statement, Statement of Cost of GoodsManufactured

    Several items are omitted from the income statement and cost ofgoods manufactured statement data for two different companies forthe month of December.

    On
    Company    		Off
    Company
    Materials inventory, December 1$76,840$102,970
    Materials inventory, December 31(a)116,360
    Materials purchased195,170(a)
    Cost of direct materials used in production205,930(b)
    Direct labor289,690231,680
    Factory overhead89,900115,330
    Total manufacturing costs incurred in December(b)666,220
    Total manufacturing costs733,050914,380
    Work in process inventory, December 1147,530248,160
    Work in process inventory, December 31124,480(c)
    Cost of goods manufactured(c)660,040
    Finished goods inventory, December 1129,860115,330
    Finished goods inventory, December 31136,010(d)
    Sales1,132,6201,029,700
    Cost of goods sold(d)666,220
    Gross profit(e)(e)
    Operating expenses147,530(f)
    Net income(f)228,590

    Required:

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

    LetterOn CompanyOff Company
    a.$fill in the blank 33b330f92fb1072_1$fill in the blank 33b330f92fb1072_2
    b.$fill in the blank 33b330f92fb1072_3$fill in the blank 33b330f92fb1072_4
    c.$fill in the blank 33b330f92fb1072_5$fill in the blank 33b330f92fb1072_6
    d.$fill in the blank 33b330f92fb1072_7$fill in the blank 33b330f92fb1072_8
    e.$fill in the blank 33b330f92fb1072_9$fill in the blank 33b330f92fb1072_10
    f.$fill in the blank 33b330f92fb1072_11$fill in the blank 33b330f92fb1072_12

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

    On Company
    Statement of Cost of Goods Manufactured
    For the Month Ended December 31
    $fill in the blank e2405308c076f99_2
    Direct materials:
    $fill in the blank e2405308c076f99_4
    fill in the blank e2405308c076f99_6
    $fill in the blank e2405308c076f99_8
    fill in the blank e2405308c076f99_10
    $fill in the blank e2405308c076f99_12
    fill in the blank e2405308c076f99_14
    fill in the blank e2405308c076f99_16
    Total manufacturing costs incurredfill in the blank e2405308c076f99_17
    Total manufacturing costs$fill in the blank e2405308c076f99_18
    fill in the blank e2405308c076f99_20
    $fill in the blank e2405308c076f99_22

    3. Prepare On Company's income statement forDecember.

    On Company
    Income Statement
    For the Month Ended December 31
    $fill in the blank a97bcefff044f83_2
    Cost of goods sold:
    $fill in the blank a97bcefff044f83_4
    fill in the blank a97bcefff044f83_6
    $fill in the blank a97bcefff044f83_8
    fill in the blank a97bcefff044f83_10
    fill in the blank a97bcefff044f83_12
    $fill in the blank a97bcefff044f83_14
    fill in the blank a97bcefff044f83_16
    $fill in the blank a97bcefff044f83_18

Answer & Explanation Solved by verified expert
4.2 Ratings (506 Votes)
Answer 1On CompanyCost of direct materials used in production Materialsinventory December 1 Materials purchased Materials inventoryDecember 31205930 76840 195170 Materials inventory December31Materials inventory December 31 66080Total manufacturing costs incurred in December Cost of directmaterials used in production Direct labor FactoryoverheadTotal manufacturing costs incurred in December 205930    See Answer
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