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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	$87,370		$114,450
Materials inventory, December 31	(a)		129,330
Materials purchased	221,920		(a)
Cost of direct materials used in production	234,150		(b)
Direct labor	329,380		257,510
Factory overhead	102,220		128,180
Total manufacturing costs incurred in December	(b)		740,490
Total manufacturing costs	833,500		833,500
Work in process inventory, December 1	167,750		275,820
Work in process inventory, December 31	141,540		(c)
Cost of goods manufactured	(c)		733,620
Finished goods inventory, December 1	147,660		128,180
Finished goods inventory, December 31	154,640		(d)
Sales	1,287,830		1,144,500
Cost of goods sold	(d)		740,490
Gross profit	(e)		(e)
Operating expenses	167,750		(f)
Net income	(f)		254,080

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.	$fill in the blank 901c4400101bfce_1	$fill in the blank 901c4400101bfce_2
b.	$fill in the blank 901c4400101bfce_3	$fill in the blank 901c4400101bfce_4
c.	$fill in the blank 901c4400101bfce_5	$fill in the blank 901c4400101bfce_6
d.	$fill in the blank 901c4400101bfce_7	$fill in the blank 901c4400101bfce_8
e.	$fill in the blank 901c4400101bfce_9	$fill in the blank 901c4400101bfce_10
f.	$fill in the blank 901c4400101bfce_11	$fill in the blank 901c4400101bfce_12

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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

Indirect laborMachinery depreciationSuppliesWork in process inventory, December 1Work in process inventory, December 1			$Work in process inventory, December 1
Direct materials:
Direct laborFactory overheadMaterials inventory, December 1Work in process inventory, December 31Materials inventory, December 1	$Materials inventory, December 1
Factory overheadOperating expensesPurchasesSalesPurchases	Purchases
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for useCost of materials available for use	$Cost of materials available for use
Indirect laborMaterials inventory, December 31Work in process inventory, December 1Work in process inventory, December 31Materials inventory, December 31	Materials inventory, December 31
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for useCost of direct materials used in production		$Cost of direct materials used in production
Cost of goods soldDirect laborIndirect laborWork in process inventory, December 1Direct labor		Direct labor
Cost of materials available for useDirect materialsFactory overheadPurchasesFactory overhead		Factory overhead
Total manufacturing costs incurred during December			fill in the blank d43b45095fd5f8b_17
Total manufacturing costs			$fill in the blank d43b45095fd5f8b_18
Cost of materials available for useDirect materialsMaterials inventory, December 31Work in process inventory, December 31Work in process inventory, December 31			Work in process inventory, December 31
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for useCost of goods manufactured			$Cost of goods manufactured

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

On Company Income Statement For the Month Ended December 31

Cost of goods soldGross profitIndirect laborSalesSales		$Sales
Cost of goods sold:
Finished goods inventory, December 1Finished goods inventory, December 31Operating expensesSalesFinished goods inventory, December 1	$Finished goods inventory, December 1
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for useCost of goods manufactured	Cost of goods manufactured
Cost of direct materials used in productionCost of finished goods available for saleCost of goods manufacturedCost of materials available for useCost of finished goods available for sale	$Cost of finished goods available for sale
Finished goods inventory, December 1Finished goods inventory, December 31Operating expensesSalesFinished goods inventory, December 31	Finished goods inventory, December 31
Cost of direct materials used in productionCost of goods manufacturedCost of goods soldCost of materials available for useCost of goods sold		Cost of goods sold
Cost of goods soldGross profitOperating expensesSalesGross profit		$Gross profit
Direct laborFactory overheadFinished goods inventory, December 1Operating expensesOperating expenses		Operating expenses
Net incomeNet lossNet income		$Net income

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