In: Accounting
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: $ $ $ $