Answered: Manufacturing Income Statement,…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 4PA: Manufacturing income statement, statement of cost of goods manufactured Several items are omitted...

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I need help solving this problem. The picture attached is the information which was given. I copy and pasted the part of the problem I need help completing which is asking for the companys income statement. I found the values which were missing in the original information and have copy and pasted those values. Thanks!

Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Letter	On Company	Off Company
a.	$59960	$84830
b.	$528820	$271120
c.	$549650	$216030
d.	$544090	$92710
e.	$479010	$457230
f.	$345740	$263070

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			$

			$

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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