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Manufacturing Income Statement, ent of Cost of Goods and Several items are omited from the income statement and cost oroas manufactureitament data for two different companies for the month of December On ON Company Company Materials inventory, December 1 $86,710 5110,320 Materials inventory, December 31 (a) 124,715 Materials purchased 213.900 (a) Cost of direct materials used in production 247.110 ) Direct labor 325.010 248.200 Factory overhead 100,890 123.590 Total manufacturing costs incurred in December (b) 713.905 Total manufacturing costs 838,530 979,845 Work in process inventory, December 1 165,520 265,940 Work in process inventory, December 31 139,630 Cost of goods manufactured c) 707,295 Finished goods inventory, December 145,690 124.555 Finished goods inventory, December 31 152.590 Sales 1,270,720 1,103,560 Cost of goods sold (o 734,860 Gross prott (e Operating expenses Netcome 244,140 Required: 165.500 3 die eBook 1. Determine the amounts of the missing items, Identifying them by letter. Enter all amounts as positive numbers Letter On Company Off Company 32 a. b. C. 1. Feedback Check My Wor a. The cost of direct materials used in production includes the beginning materials inventory plus purchases less the ending materials inventory b. Total manufacturing costs incurred during December include direct materiais direct labor, and factory overhead The cost of goods manufactured is beginning work in process plus total manufacturing costs less the ending work in proces d. The cost of goods sold in the beginning finished goods plus the cost of good manufactured, less the ending finished goods Sales minus cost of goods sold equals gross proft 1. Gross profit minus operating expenses quals net income Use similar relationships from On Company to find the missing amounts for the Off Company items (a) through in 2. Prepare On Company's statement of cost of goods manufactured for December Note: If an amount should be subtracted, begin entry with a minus (-) sign On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December Direct materials Materials inventory, December Purchases nin Cost of materials available for use Materials inventory, December Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December Cost of goods manufactured Feet

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