Zookal
Zookal

We’d love to hear any feedback or comment from you!

© 2011-2021 Zookal Pty Ltd

View question and answer

From our collection of questions and answers
Business · Accounting
Question details

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.

On
Company
Off
Company
Materials inventory, December 1 $60,270 $82,570
Materials inventory, December 31 (a) 93,300
Materials purchased 153,090 (a)
Cost of direct materials used in production 161,520 (b)
Direct labor 227,220 185,780
Factory overhead 70,520 92,480
Total manufacturing costs incurred in December (b) 534,230
Total manufacturing costs 574,980 733,220
Work in process inventory, December 1 115,720 198,990
Work in process inventory, December 31 97,640 (c)
Cost of goods manufactured (c) 529,270
Finished goods inventory, December 1 101,860 92,480
Finished goods inventory, December 31 106,680 (d)
Sales 888,380 825,700
Cost of goods sold (d) 534,230
Gross profit (e) (e)
Operating expenses 115,720 (f)
Net income (f) 183,310

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:
$
$
$
$
Answer
Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.

Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.