Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2014:

Instructions
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare Volt Company€™s statement of cost of goods manufactured for December.
3. Prepare Volt Company€™s income statement forDecember.

Transcribed Image Text:

Prius Volt Company Company S177,000 180,000 342,000 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 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 Cost of goods sold Gross profit Operating expenses Net income 280,280 712,800 752,400 1,058,400 327,600 180,000 1,035,000 1,477,500 442,500 2,678,400 540,000 453,600 1,024,500 204,000 475,200 496,800 4,140,000 1,675,500 1,051,500 540,000 384,000