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Manufacturing Income Statement, Statement of Cost of Goods ManufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.OffOnCompanyCompanyMaterials inventory, December 1$69,410$87,460Materials inventory, December 31(a)98,830Materials purchased(a)176,300Cost of direct materials used in production(b)186,020Direct labor261,680196,79097,960Factory overhead81,210Total manufacturing costs incurred in December(b)565,870Total manufacturing costs662,180776,650133,270Work in process inventory, December 1210,780(c)Work in process inventory, December 31112,440Cost of goods manufactured(c)560,620Finished goods inventory, December 1117,30097,960(d)Finished goods inventory, December 31122,860Sales1,023,100874,600Cost of goods sold(d)565,870Gross profit(e)(e)(f)133,270Operating expenses(f)Net income194,160

Question

I attempted this problem and tried to do the company's income statement for on company for december but my numbers aren't adding up at all. I attached a picture of the original information which was given. I copy and pasted what the section of the question is asking for. Thanks!

3.  Prepare On Company's income statement for December.

On Company
Income Statement
For the Month Ended December 31
Indirect labor    $
Cost of goods sold:    
Sales  $  
Cost of goods sold     
Cost of goods manufactured  $  
Less finished goods inventory, December 31     
Cost of goods sold     
Gross profit    $
Operating expenses     
Net 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.
Off
On
Company
Company
Materials inventory, December 1
$69,410
$87,460
Materials inventory, December 31
(a)
98,830
Materials purchased
(a)
176,300
Cost of direct materials used in production
(b)
186,020
Direct labor
261,680
196,790
97,960
Factory overhead
81,210
Total manufacturing costs incurred in December
(b)
565,870
Total manufacturing costs
662,180
776,650
133,270
Work in process inventory, December 1
210,780
(c)
Work in process inventory, December 31
112,440
Cost of goods manufactured
(c)
560,620
Finished goods inventory, December 1
117,300
97,960
(d)
Finished goods inventory, December 31
122,860
Sales
1,023,100
874,600
Cost of goods sold
(d)
565,870
Gross profit
(e)
(e)
(f)
133,270
Operating expenses
(f)
Net income
194,160
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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. Off On Company Company Materials inventory, December 1 $69,410 $87,460 Materials inventory, December 31 (a) 98,830 Materials purchased (a) 176,300 Cost of direct materials used in production (b) 186,020 Direct labor 261,680 196,790 97,960 Factory overhead 81,210 Total manufacturing costs incurred in December (b) 565,870 Total manufacturing costs 662,180 776,650 133,270 Work in process inventory, December 1 210,780 (c) Work in process inventory, December 31 112,440 Cost of goods manufactured (c) 560,620 Finished goods inventory, December 1 117,300 97,960 (d) Finished goods inventory, December 31 122,860 Sales 1,023,100 874,600 Cost of goods sold (d) 565,870 Gross profit (e) (e) (f) 133,270 Operating expenses (f) Net income 194,160

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check_circleAnswer
Step 1

Calculate the missing amou...

Calculate the mis sing amounts for On Company
Particulars
Working progress Inventory, December 1
Direct material:
Materials inventory, December 1
Purchases
Amount (S) Amount (S)
133270
69410
176300
Cost of material available for production
(a) Less: Material Inventory, December 31
Cost of direct material used in production
Direct labor
Factory overheads
Total Manufacturing
245710
59690
186020
261680
81120
costs incurred during December
528820
(b)
Total manufacturing costs
Less: Work in Progress inventory, December 31
(c) Cost of Goods Manufactured
Add: Finished goods Inventory, December 1
Less: Finished goods Inventory, December 31
(d) Cost of goods sold
Sales
(e) Gross profit
Less: Operating expenses
fNet income
662090
112440
549650
117300
122860
544090
1023100
479010
133270
345740
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Calculate the mis sing amounts for On Company Particulars Working progress Inventory, December 1 Direct material: Materials inventory, December 1 Purchases Amount (S) Amount (S) 133270 69410 176300 Cost of material available for production (a) Less: Material Inventory, December 31 Cost of direct material used in production Direct labor Factory overheads Total Manufacturing 245710 59690 186020 261680 81120 costs incurred during December 528820 (b) Total manufacturing costs Less: Work in Progress inventory, December 31 (c) Cost of Goods Manufactured Add: Finished goods Inventory, December 1 Less: Finished goods Inventory, December 31 (d) Cost of goods sold Sales (e) Gross profit Less: Operating expenses fNet income 662090 112440 549650 117300 122860 544090 1023100 479010 133270 345740

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