Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2008:

Instructions

1. Determine the amounts of the missing items, identifying them by letter.

2. Prepare a statement of cost of goods manufactured for Lee Company.

3. Prepare an income statement for Lee Company.

Transcribed Image Text:

Washington Company Lee Company Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work i Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income 65,000 85,000 95,000 190,000 165,000 174,000 245,000 76,000 95,000 550,000 755,000 205,000 620,000 125,000 105,000 n process inventory, December 1 545,000 95,000 110,000 115,000 950,000 850,000 551,000 125,000 189,000