Question
In: Accounting
Several items are omitted from the income statement and cost of goods manufactured statement data for...
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 $82,740 $111,700
Materials inventory, December 31 (a) 126,220
Materials purchased 210,160 (a)
Cost of direct materials used in production 221,740 (b)
Direct labor 311,930 251,330
Factory overhead 96,810 125,100
Total manufacturing costs incurred in December (b) 722,700
Total manufacturing costs 789,340 991,900
Work in process inventory, December 1 158,860 269,200
Work in process inventory, December 31 134,040 (c)
Cost of goods manufactured (c) 716,000 Finished goods inventory,
December 1 139,830 125,100 Finished goods inventory,
December 31 146,450 (d) Sales 1,219,590 1,117,000
Cost of goods sold (d) 722,700 Gross profit (e) (e)
Operating expenses 158,860 (f) Net income (f) 247,970
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: $ $ $ $
Solutions
ekkarill92 answered 10 months agoRelated Solutions
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of May:
1
Rainier Company
Yakima Company
2
Materials inventory, May 1
$280,000.00
$177,000.00
3
Materials inventory, May 31
(a)
175,000.00
4
Materials purchased
712,600.00
340,000.00
5
Cost of direct materials used in production
752,800.00
(a)
6
Direct labor
1,059,800.00
(b)
7
Factory overhead
326,600.00
179,400.00
8
Total manufacturing costs incurred in May
(b)
1,038,000.00
9
Total manufacturing...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
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
$88,800
$119,880
Materials inventory, December 31
(a)
135,460
Materials purchased
225,550
(a)
Cost of direct materials used in production
237,980
(b)
Direct labor
334,780
269,730
Factory overhead
103,900
134,270
Total manufacturing costs incurred in December
(b)
775,620
Total manufacturing costs
847,160
1,064,530
Work in process inventory, December 1...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of December 2016:
1
Prius Company
Volt Company
2
Materials inventory, December 1
$281,960.00
$179,000.00
3
Materials inventory, December 31
(a)
178,000.00
4
Materials purchased
712,200.00
341,200.00
5
Cost of direct materials used in production
751,600.00
(a)
6
Direct labor
1,059,200.00
(b)
7
Factory overhead
325,800.00
180,400.00
8
Total manufacturing costs incurred during December
(b)
1,032,000.00
9
Total...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of December 2016:
1
Prius Company
Volt Company
2
Materials inventory, December 1
$281,960.00
$179,000.00
3
Materials inventory, December 31
(a)
178,000.00
4
Materials purchased
712,200.00
341,200.00
5
Cost of direct materials used in production
751,600.00
(a)
6
Direct labor
1,059,200.00
(b)
7
Factory overhead
325,800.00
180,400.00
8
Total manufacturing costs incurred during December
(b)
1,032,000.00
9
Total...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of May: 1 Rainier Company Yakima Company 2 Materials
inventory, May 1 $100,000.00 $48,200.00 3 Materials inventory, May
31 (a) 50,000.00 4 Materials purchased 950,000.00 710,000.00 5 Cost
of direct materials used in production 938,500.00 (a) 6 Direct
labor 2,860,000.00 (b) 7 Factory overhead 1,800,000.00 446,000.00 8
Total manufacturing costs incurred during May (b) 2,484,200.00 9
Total manufacturing...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of December 2016:
1
Prius Company
Volt Company
2
Materials inventory, December 1
$280,280.00
$179,000.00
3
Materials inventory, December 31
(a)
177,500.00
4
Materials purchased
712,000.00
340,000.00
5
Cost of direct materials used in production
752,000.00
(a)
6
Direct labor
1,059,600.00
(b)
7
Factory overhead
325,200.00
179,600.00
8
Total manufacturing costs incurred during December
(b)
1,035,000.00
9
Total...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of December 2016:
1
Prius Company
Volt Company
2
Materials inventory, December 1
$280,280.00
$179,000.00
3
Materials inventory, December 31
(a)
177,500.00
4
Materials purchased
712,000.00
340,000.00
5
Cost of direct materials used in production
752,000.00
(a)
6
Direct labor
1,059,600.00
(b)
7
Factory overhead
325,200.00
179,600.00
8
Total manufacturing costs incurred during December
(b)
1,035,000.00
9
Total...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of
goods manufactured statement data for two different companies for
the month of December 2016: 1 Prius Company Volt Company 2
Materials inventory, December 1 $281,680.00 $179,000.00 3 Materials
inventory, December 31 (a) 175,500.00 4 Materials purchased
714,000.00 341,500.00 5 Cost of direct materials used in production
752,400.00 (a) 6 Direct labor 1,058,800.00 (b) 7 Factory overhead
325,400.00 178,600.00 8 Total manufacturing costs incurred during
December (b) 1,038,000.00 9 Total...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
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
$58,870
$80,060
Materials inventory, December 31
(a)
90,470
Materials purchased
149,530
(a)
Cost of direct materials used in production
157,770
(b)
Direct labor
221,940
180,140
Factory overhead
68,880
89,670
Total manufacturing costs incurred in December
(b)
517,990
Total manufacturing costs
561,620
710,930
Work in process inventory, December 1...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
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
$74,990
$100,490
Materials inventory, December 31
(a)
113,550
Materials purchased
190,470
(a)
Cost of direct materials used in production
200,970
(b)
Direct labor
282,710
226,100
Factory overhead
87,740
112,550
Total manufacturing costs incurred in December
(b)
650,170
Total manufacturing...
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