Question

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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	$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

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 1

		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