Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement...
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Manufacturing Income Statement, Statement of Cost of GoodsManufactured
Several items are omitted from the income statement and cost ofgoods manufactured statement data for two different companies forthe month of December.
On
Company Off
Company Materials inventory, December 1 $76,840 $102,970 Materials inventory, December 31 (a) 116,360 Materials purchased 195,170 (a) Cost of direct materials used in production 205,930 (b) Direct labor 289,690 231,680 Factory overhead 89,900 115,330 Total manufacturing costs incurred in December (b) 666,220 Total manufacturing costs 733,050 914,380 Work in process inventory, December 1 147,530 248,160 Work in process inventory, December 31 124,480 (c) Cost of goods manufactured (c) 660,040 Finished goods inventory, December 1 129,860 115,330 Finished goods inventory, December 31 136,010 (d) Sales 1,132,620 1,029,700 Cost of goods sold (d) 666,220 Gross profit (e) (e) Operating expenses 147,530 (f) Net income (f) 228,590
Required:
1. Determine the amounts of the missing items,identifying them by letter. Enter all amounts as positivenumbers.
Letter On Company Off Company a. $fill in the blank 33b330f92fb1072_1 $fill in the blank 33b330f92fb1072_2 b. $fill in the blank 33b330f92fb1072_3 $fill in the blank 33b330f92fb1072_4 c. $fill in the blank 33b330f92fb1072_5 $fill in the blank 33b330f92fb1072_6 d. $fill in the blank 33b330f92fb1072_7 $fill in the blank 33b330f92fb1072_8 e. $fill in the blank 33b330f92fb1072_9 $fill in the blank 33b330f92fb1072_10 f. $fill in the blank 33b330f92fb1072_11 $fill in the blank 33b330f92fb1072_12
2. Prepare On Company's statement of cost ofgoods manufactured for December.
On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 $fill in the blank e2405308c076f99_2 Direct materials: $fill in the blank e2405308c076f99_4 fill in the blank e2405308c076f99_6 $fill in the blank e2405308c076f99_8 fill in the blank e2405308c076f99_10 $fill in the blank e2405308c076f99_12 fill in the blank e2405308c076f99_14 fill in the blank e2405308c076f99_16 Total manufacturing costs incurred fill in the blank e2405308c076f99_17 Total manufacturing costs $fill in the blank e2405308c076f99_18 fill in the blank e2405308c076f99_20 $fill in the blank e2405308c076f99_22
3. Prepare On Company's income statement forDecember.
On Company Income Statement For the Month Ended December 31 $fill in the blank a97bcefff044f83_2 Cost of goods sold: $fill in the blank a97bcefff044f83_4 fill in the blank a97bcefff044f83_6 $fill in the blank a97bcefff044f83_8 fill in the blank a97bcefff044f83_10 fill in the blank a97bcefff044f83_12 $fill in the blank a97bcefff044f83_14 fill in the blank a97bcefff044f83_16 $fill in the blank a97bcefff044f83_18
Manufacturing Income Statement, Statement of Cost of GoodsManufactured
Several items are omitted from the income statement and cost ofgoods manufactured statement data for two different companies forthe month of December.
On
CompanyOff
CompanyMaterials inventory, December 1 $76,840 $102,970 Materials inventory, December 31 (a) 116,360 Materials purchased 195,170 (a) Cost of direct materials used in production 205,930 (b) Direct labor 289,690 231,680 Factory overhead 89,900 115,330 Total manufacturing costs incurred in December (b) 666,220 Total manufacturing costs 733,050 914,380 Work in process inventory, December 1 147,530 248,160 Work in process inventory, December 31 124,480 (c) Cost of goods manufactured (c) 660,040 Finished goods inventory, December 1 129,860 115,330 Finished goods inventory, December 31 136,010 (d) Sales 1,132,620 1,029,700 Cost of goods sold (d) 666,220 Gross profit (e) (e) Operating expenses 147,530 (f) Net income (f) 228,590 Required:
1. Determine the amounts of the missing items,identifying them by letter. Enter all amounts as positivenumbers.
Letter On Company Off Company a. $fill in the blank 33b330f92fb1072_1 $fill in the blank 33b330f92fb1072_2 b. $fill in the blank 33b330f92fb1072_3 $fill in the blank 33b330f92fb1072_4 c. $fill in the blank 33b330f92fb1072_5 $fill in the blank 33b330f92fb1072_6 d. $fill in the blank 33b330f92fb1072_7 $fill in the blank 33b330f92fb1072_8 e. $fill in the blank 33b330f92fb1072_9 $fill in the blank 33b330f92fb1072_10 f. $fill in the blank 33b330f92fb1072_11 $fill in the blank 33b330f92fb1072_12 2. Prepare On Company's statement of cost ofgoods manufactured for December.
On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 $fill in the blank e2405308c076f99_2 Direct materials: $fill in the blank e2405308c076f99_4 fill in the blank e2405308c076f99_6 $fill in the blank e2405308c076f99_8 fill in the blank e2405308c076f99_10 $fill in the blank e2405308c076f99_12 fill in the blank e2405308c076f99_14 fill in the blank e2405308c076f99_16 Total manufacturing costs incurred fill in the blank e2405308c076f99_17 Total manufacturing costs $fill in the blank e2405308c076f99_18 fill in the blank e2405308c076f99_20 $fill in the blank e2405308c076f99_22 3. Prepare On Company's income statement forDecember.
On Company Income Statement For the Month Ended December 31 $fill in the blank a97bcefff044f83_2 Cost of goods sold: $fill in the blank a97bcefff044f83_4 fill in the blank a97bcefff044f83_6 $fill in the blank a97bcefff044f83_8 fill in the blank a97bcefff044f83_10 fill in the blank a97bcefff044f83_12 $fill in the blank a97bcefff044f83_14 fill in the blank a97bcefff044f83_16 $fill in the blank a97bcefff044f83_18
Answer & Explanation Solved by verified expert
4.2 Ratings (506 Votes)
Answer 1On CompanyCost of direct materials used in production Materialsinventory December 1 Materials purchased Materials inventoryDecember 31205930 76840 195170 Materials inventory December31Materials inventory December 31 66080Total manufacturing costs incurred in December Cost of directmaterials used in production Direct labor FactoryoverheadTotal manufacturing costs incurred in December 205930
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