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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 $84,010 $111,730

Materials inventory, December 31 (a) 126,250

Materials purchased 213,390 (a)

Cost of direct materials used in production 225,150 (b)

Direct labor 316,720 251,390

Factory overhead 98,290 125,140

Total manufacturing costs incurred in December (b) 722,890

Total manufacturing costs 801,460 992,160

Work in process inventory, December 1 161,300 269,270

Work in process inventory, December 31 136,100 (c)

Cost of goods manufactured (c) 716,190

Finished goods inventory, December 1 141,980 125,140

Finished goods inventory, December 31 148,700 (d)

Sales 1,238,310 1,117,300 Cost of goods sold (d) 722,890

Gross profit (e) (e)

Operating expenses 161,300 (f)

Net income (f) 248,040

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
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