Question

classifying each PR 15-4B Manufacturing income statement, statement of cost of a and cost of goods manufactured Several items are omitted from the income statement data for 1. C. On Company, Several items are omit two different companies for the month of December: Company S 65,800 5 195,300 91,140 EXCEL TEMPLATE 282,800 317,800 387,800 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Ana 577,220 256,060 1,519,000 1,727,320 208,320 Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales 973,000 119,000 172,200 1,532,020 224,000 197,400 1,127,000 1,944,320 1,545,040 Cost of goods sold Gross profit Operating expenses Net income 117,600 164,920 Instructions 1. For both companies, determine the amounts of the missing items (A) through (F), identify ing them by letter. 2. Prepare On Company's statement of cost of goods manufactured for December. 3. Prepare On Company's income statement for December.

Answer 1

2)	Cost of goods manufactured (On company)
	Work in process inventory,december 1							119,000
	Raw materials inventory,December 1					65,800
	materials purchased					282,800
	cost of raw materials available for use					348,600
	Raw materials inventory,December 31					30,800
	Cost of direct materials used in production						317,800
	Direct labor						387,800
	Factory overhead						148,400
	Total manufacturing cost incurred in December							854,000
	Total manufacturing cost							973,000
	work in process inventory ,December 31							172,200
	cost of goods manufactured							800,800
3)	Cost of goods sold
	Finished goods inventory,December 1						224,000
	cost of goods manufactured						800,800
	cost of goods available for sale						1,024,800
	Finished goods inventory,December 31						197,400
	Cost of goods sold						827,400
	income statement
	sales						1,127,000
	less cost of goods sold						827,400
	Gross profit						299,600
	less operating expense						117,600
	net income						182,000
	Cost of goods manufactured (Off company)
	Work in process inventory,december 1							208,320
	Raw materials inventory,December 1					195,300
	materials purchased					581,560
	cost of raw materials available for use					776,860
	Raw materials inventory,December 31					91,140
	Cost of direct materials used in production						685,720
	Direct labor						577,220
	Factory overhead						256,060
	Total manufacturing cost incurred in December							1,519,000
	Total manufacturing cost							1,727,320
	work in process inventory ,December 31							195,300
	cost of goods manufactured							1,532,020
	Cost of goods sold
	Finished goods inventory,December 1						269,080
	cost of goods manufactured						1,532,020
	cost of goods available for sale						1,801,100
	Finished goods inventory,December 31						256,060
	Cost of goods sold						1,545,040
	income statement
	sales						1,944,320
	less cost of goods sold						1,545,040
	Gross profit						399,280
	less operating expense						234,360
	net income						164,920
1)	letter		On		Off
			Company		Company
	a.		30,800		581,560
	b.		854,000		685,720
	c.		800,800		195,300
	d.		827,400		256,060
	e.		299,600		399,280
	f.		182,000		234,360