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. OnCompanyOffCompanyMaterials inventory, December 1$62,230 $83,390 Materials inventory, December 31(a) 94,230 Materials purchased158,060 (a) Cost of direct materials used in production166,780 (b) Direct labor234,610 187,630 Factory overhead72,810 93,400 Total manufacturing costs incurred in December(b) 539,530 Total manufacturing costs593,680 740,500 Work in process inventory, December 1119,480 200,970 Work in process inventory, December 31100,810 (c) Cost of goods manufactured(c) 534,530 Finished goods inventory, December 1105,170 93,400 Finished goods inventory, December 31110,150 (d) Sales917,270 833,900 Cost of goods sold(d) 539,530 Gross profit(e) (e) Operating expenses119,480 (f) Net income(f) 185,130 Required:1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Income statement is a statement which shows the performance of a firm for a particular period. The…

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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

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 Company	Off Company
Materials inventory, December 1	$62,230		$83,390
Materials inventory, December 31	(a)		94,230
Materials purchased	158,060		(a)
Cost of direct materials used in production	166,780		(b)
Direct labor	234,610		187,630
Factory overhead	72,810		93,400
Total manufacturing costs incurred in December	(b)		539,530
Total manufacturing costs	593,680		740,500
Work in process inventory, December 1	119,480		200,970
Work in process inventory, December 31	100,810		(c)
Cost of goods manufactured	(c)		534,530
Finished goods inventory, December 1	105,170		93,400
Finished goods inventory, December 31	110,150		(d)
Sales	917,270		833,900
Cost of goods sold	(d)		539,530
Gross profit	(e)		(e)
Operating expenses	119,480		(f)
Net income	(f)		185,130

Required:

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

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