Question

In: Accounting

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 $66,040 $89,810
Materials inventory, December 31 (a) 101,490
Materials purchased 167,740 (a)
Cost of direct materials used in production 176,990 (b)
Direct labor 248,970 202,070
Factory overhead 77,270 100,590
Total manufacturing costs incurred in December (b) 581,070
Total manufacturing costs 630,030 797,510
Work in process inventory, December 1 126,800 216,440
Work in process inventory, December 31 106,980 (c)
Cost of goods manufactured (c) 575,680
Finished goods inventory, December 1 111,610 100,590
Finished goods inventory, December 31 116,890 (d)
Sales 973,430 898,100
Cost of goods sold (d) 581,070
Gross profit (e) (e)
Operating expenses 126,800 (f)
Net income (f) 199,380

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

Expert Solution

1.

Letter On Company Off Company
a. 56790 290090 (278410 + 101490 - 89810)
b. 503230 278410 (581070 -202070 - 100590)
c. 523050 221830 (797510 - 575680)
d. 517770 95200 (100590 + 575680 - 581070)
e. 455660 317030 (898100 - 581070)
f. 328860 117650 (317030 - 199380)

Note: For On Company, please see 2 and 3 for the calculations. For Off Company, calculations shown in the next column.

2.

On Company
Statement of Cost of Goods Manufactured
For the Month Ended December 31
Work in process inventory, December 1 126800
Direct materials:
Materials inventory, December 1 66040
Materials purchased 167740
Cost of direct materials available 233780
Less materials inventory, December 31 56790
Cost of direct materials placed in production 176990
Direct labor 248970
Factory overhead 77270
Total manufacturing costs incurred during December 503230
Total manufacturing costs 630030
Less work in process inventory, December 31 106980
Cost of goods manufactured $ 523050

3.

On Company
Income Statement
For the Month Ended December 31
Sales 973430
Cost of goods sold:
Finished goods inventory, December 1 111610
Add cost of goods manufactured 523050
Cost of goods available for sale 634660
Less finished goods inventory, December 31 116890
Cost of goods sold 517770
Gross profit 455660
Operating expenses 126800
Net income 328860

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