Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. manufacturing several items are omitted from the i

Manufacturing Several items are omitted from the income statement and cost of goods manufactured statement...

50.1K

Verified Solution

Question

Accounting

image

Manufacturing Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016: On off Company Company Materials inventory, December 1 $ 65,800 $ 195,300 Materials inventory, December 31 (a) 91,140 Materials purchased 282,800 (a) Cost of direct materials used in production 317,800 (b) Direct labor 387,800 577,220 Factory overhead 148,400 256,060 Total manufacturing costs incurred in December 1,519,000 Total manufacturing costs 973,000 1,727,320 Work in process inventory, December 1 119,000 208,320 Work in process inventory, December 31 172,200 Cost of goods manufactured 1,532,020 Finished goods inventory, December 1 224,000 269,080 Finished goods inventory, December 31 197,400 1,127,000 1,944,320 Sales (d) 1,545,040 Cost of goods sold Gross profit 117,600 if Operating expenses 164,920 Net income Id (d) Instructions 1. Determine the amounts of the missing items, identifying them by letter Answer Check Figure: On Company, 5800,800 2. Prepare On Company's statement of cost of goods manufactured thr December 3. Prepare On Company's income statement for December

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students