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 $66,110 $84,620
Materials inventory, December 31 (a) 95,620
Materials purchased 167,920 (a)
Cost of direct materials used in production 177,170 (b)
Direct labor 249,230 190,400
Factory overhead 77,350 94,770
Total manufacturing costs incurred in December (b) 547,490
Total manufacturing costs 630,680 630,680
Work in process inventory, December 1 126,930 203,930
Work in process inventory, December 31 107,100 (c)
Cost of goods manufactured (c) 542,410
Finished goods inventory, December 1 111,730 94,770
Finished goods inventory, December 31 117,010 (d)
Sales 974,460 846,200
Cost of goods sold (d) 547,490
Gross profit (e) (e)
Operating expenses 126,930 (f)
Net income (f) 187,860
Required:
Question Content Area
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
Letter On Company Off Company
a. fill in the blank 1 of 12$ fill in the blank 2 of 12$
b. fill in the blank 3 of 12$ fill in the blank 4 of 12$
c. fill in the blank 5 of 12$ fill in the blank 6 of 12$
d. fill in the blank 7 of 12$ fill in the blank 8 of 12$
e. fill in the blank 19 of 12$ fill in the blank 10 of 12$
f. fill in the blank 11 of 12$ fill in the blank 12 of 12$
Question Content Area
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
Costs Type Amount Amount Amount
$Work in process inventory, December 1
Direct materials:
$Materials inventory, December 1
Purchases
$Cost of materials available for use
Materials inventory, December 31
$Cost of direct materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred during December Total manufacturing costs incurred during December
Total manufacturing costs $Total manufacturing costs
Work in process inventory, December 31
$Cost of goods manufactured
Question Content Area
3. Prepare On Company's income statement for December.
On Company
Income Statement
For the Month Ended December 31
Line Item Description Amount Amount
$- Select -
Cost of goods sold:
$Finished goods inventory, December 1
Cost of goods manufactured
$Cost of finished goods available for sale
Finished goods inventory, December 31
Cost of goods sold
$- Select -
Operating expenses
