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Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and ocost of goods manufactured statement data for two different companies for the month of December: On Off Company Company Materials inventory, December 1 $86,215 $110,300 Materials inventory, December 31 (a) 124,715 Materials purchased 218,900 (a) Cost of direct materials used in production 253,115 (b) Direct labor 325,020 248,275 Factory overhead 100,860 123,610 Total manufacturing costs incurred in December (b) 713,890 Total manufacturing costs 844,515 979,830 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,660 (c) Cost of goods manufactured (c) 707,290 Finished goods inventory, December 1 145,670 124,190 Finished goods inventory, December 31 152,570 (d) Sales 1,270,700 1,103,500 Cost of goods sold (d) 714,480 Gross profit (e) (e) Operating expenses 165,520 (f) Net income (f) 244,480 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.

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and ocost of goods manufactured statement data for two different companies for the month of December: On Off Company Company Materials inventory, December 1 $86,215 $110,300 Materials inventory, December 31 (a) 124,715 Materials purchased 218,900 (a) Cost of direct materials used in production 253,115 (b) Direct labor 325,020 248,275 Factory overhead 100,860 123,610 Total manufacturing costs incurred in December (b) 713,890 Total manufacturing costs 844,515 979,830 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,660 (c) Cost of goods manufactured (c) 707,290 Finished goods inventory, December 1 145,670 124,190 Finished goods inventory, December 31 152,570 (d) Sales 1,270,700 1,103,500 Cost of goods sold (d) 714,480 Gross profit (e) (e) Operating expenses 165,520 (f) Net income (f) 244,480 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.

Managerial Accounting
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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Manufacturing Income Statement, Statement of Cost of Goods Manufactured

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 Off Company Company Materials inventory, December 1 $86,215 $110,300 Materials inventory, December 31 (a) 124,715 Materials purchased 218,900 (a) Cost of direct materials used in production 253,115 (b) Direct labor 325,020 248,275 Factory overhead 100,860 123,610 Total manufacturing costs incurred in December (b) 713,890 Total manufacturing costs 844,515 979,830 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,660 (c) Cost of goods manufactured (c) 707,290 Finished goods inventory, December 1 145,670 124,190 Finished goods inventory, December 31 152,570 (d) Sales 1,270,700 1,103,500 Cost of goods sold (d) 714,480 Gross profit (e) (e) Operating expenses 165,520 (f) Net income (f) 244,480 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. On Company Off Company Letter a. b. c. d. е. f. %24 %24
Transcribed Image Text: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 Off Company Company Materials inventory, December 1 $86,215 $110,300 Materials inventory, December 31 (a) 124,715 Materials purchased 218,900 (a) Cost of direct materials used in production 253,115 (b) Direct labor 325,020 248,275 Factory overhead 100,860 123,610 Total manufacturing costs incurred in December (b) 713,890 Total manufacturing costs 844,515 979,830 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,660 (c) Cost of goods manufactured (c) 707,290 Finished goods inventory, December 1 145,670 124,190 Finished goods inventory, December 31 152,570 (d) Sales 1,270,700 1,103,500 Cost of goods sold (d) 714,480 Gross profit (e) (e) Operating expenses 165,520 (f) Net income (f) 244,480 Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. On Company Off Company Letter a. b. c. d. е. f. %24 %24
2. Prepare On Company's statement of cost of goods manufactured for December. Note: If an amount should be subtracted, begin entry with a minus (-) sign. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 v Direct materials: Materials inventory, December 1 v Purchases v Cost of materials available for use v Materials inventory, December 31 v Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December 31 v Cost of goods manufactured v Feedback T Check My Work 2. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production plus direct labor and factory overhead, less the ending work in process. 3. Prepare On Company's income statement for December. Note: If an amount should be subtracted, begin entry with a minus (-) sign. On Company Income Statement For the Month Ended December 31 Sales v Cost of goods sold: Finished goods inventory, December 1 v Cost of goods manufactured v Cost of finished goods available for sale v Finished goods inventory, December 31 y Cost of goods sold v Gross profit v Operating expenses v Net income
Transcribed Image Text:2. Prepare On Company's statement of cost of goods manufactured for December. Note: If an amount should be subtracted, begin entry with a minus (-) sign. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 v Direct materials: Materials inventory, December 1 v Purchases v Cost of materials available for use v Materials inventory, December 31 v Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December 31 v Cost of goods manufactured v Feedback T Check My Work 2. The cost of goods manufactured is the beginning work in process plus the cost of direct materials used in production plus direct labor and factory overhead, less the ending work in process. 3. Prepare On Company's income statement for December. Note: If an amount should be subtracted, begin entry with a minus (-) sign. On Company Income Statement For the Month Ended December 31 Sales v Cost of goods sold: Finished goods inventory, December 1 v Cost of goods manufactured v Cost of finished goods available for sale v Finished goods inventory, December 31 y Cost of goods sold v Gross profit v Operating expenses v Net income
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