On Company Off Company $ 195,300 $ 65,800 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production (a) 91,140 282,800 (a) (b) 317,800 Direct labor 577,220 387,800 Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 256,060 148,400 (b) 1,519,000 1,727,320 973,000 119,000 208,320 172,200 (c) 1,532,020 (c) $ 224,000 $ 269,080 (d) 197,400 Sales 1,127,000 1,944,320 Cost of goods sold Gross profit Operating expenses (d) 1,545,040 (e) (e) (f) 117,600 (f) Net income 164,920
On Company Off Company $ 195,300 $ 65,800 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production (a) 91,140 282,800 (a) (b) 317,800 Direct labor 577,220 387,800 Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 256,060 148,400 (b) 1,519,000 1,727,320 973,000 119,000 208,320 172,200 (c) 1,532,020 (c) $ 224,000 $ 269,080 (d) 197,400 Sales 1,127,000 1,944,320 Cost of goods sold Gross profit Operating expenses (d) 1,545,040 (e) (e) (f) 117,600 (f) Net income 164,920
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...
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Question
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.
Please see the attachment
Instructions
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare On Company’s statement of cost of goods manufactured for December.
3. Prepare On Company’s income statement for December.
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