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Question: several items are omitted from the income statement and cost...

Question details

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 $85,200 $114,170
Materials inventory, December 31 (a) 129,010
Materials purchased 216,410 256,880
Cost of direct materials used in production 228,340 (a)
Direct labor 321,200 (b)
Factory overhead 99,680 127,870
Total manufacturing costs incurred in December (b) 738,680
Total manufacturing costs 812,810 812,800
Work in process inventory, December 1 163,580 275,150
Work in process inventory, December 31 138,020 (c)
Cost of goods manufactured (c) 731,830
Finished goods inventory, December 1 143,990 127,870
Finished goods inventory, December 31 150,800 (d)
Sales 1,255,850 1,141,700
Cost of goods sold (d) 738,680
Gross profit (e) (e)
Operating expenses 163,580 (f)
Net income (f) 253,460

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. $ $
b. $ $
c. $ $
d. $ $
e. $ $
f. $ $

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
$
Direct materials:
$
$
$
Total manufacturing costs incurred during December
Total manufacturing costs $
$

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

On Company
Income Statement
For the Month Ended December 31
$
Cost of goods sold:
$
$
$
$

Thank you in advance!

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