OnffCompanyCompanyMaterials inventory, December 1$81,110$109,500Materials inventory, December 31(a)123,730Materials purchased206,020(a)Cost of direct materials used in production217,370(b)Direct labor305,780246,380Factory overhead94,900122,640Total manufacturing costs incurred in December(b)708,470Total manufacturing costs773,780773,780Work in process inventory, December 1155,730263,900Work in process inventory, December 31131,400(c)Cost of goods manufactured(c)701,900Finished goods inventory, December 1137,080122,640Finished goods inventory, December 31143,560(d)Sales1,195,5601,095,000Cost of goods sold(d)708,470Gross profit(e)(e)Operating expenses155,730(f)Net income(f)243,090 3. Prepare On Company's income statement for December.On CompanyIncome StatementFor the Month Ended December 31Cost of goods sold:

Name: OnffCompanyCompanyMaterials inventory, December 1$81,110$109,500Mater
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Description: OnffCompanyCompanyMaterials inventory, December 1$81,110$109,500Materials inventory, December 31(a)123,730Materials purchased206,020(a)Cost of direct materials used in production217,370(b)Direct labor305,780246,380Factory overhead94,900122,640Total

Income statement means the statement which show sale revenue , cost of goods sold , gross profit…

Answered: 3. Prepare On Company's income…

Business

Accounting

3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 Cost of goods sold:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value...

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