Please help me with this Excel I am very confused.

Problem 16(1)-4A

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Instructions

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1.

Prius Company

Volt Company

Materials inventory, December 1

$ 280,280

$ 177,000

Materials inventory, December 31

(a)

180,000

Materials purchased

712,800

342,000

Cost of direct materials used in production

752,400

(a)

Direct labor

1,058,400

(b)

Factory overhead

327,600

180,000

Total manufacturing costs incurred during December

(b)

1,035,000

Total manufacturing costs

2,678,400

1,477,500

Work in process inventory, December 1

540,000

442,500

Work in process inventory, December 31

453,600

(c)

Cost of goods manufactured

(c)

1,024,500

Finished goods inventory, December 1

475,200

204,000

Finished goods inventory, December 31

496,800

(d)

Sales

4,140,000

1,675,500

Cost of goods sold

(d)

1,051,500

Gross profit

(e)

(e)

Operating expenses

540,000

(f)

Net income

(f)

384,000

2.

VOLT COMPANY

Statement of Cost of Goods Manufactured

For the Month Ended December 31, 2016

Work in process inventory, December 1, 2016

Direct materials:

Cost of direct materials used in production

Direct labor

Factory overhead

Total manufacturing costs incurred during December

Total manufacturing costs

Less:

Cost of goods manufactured

3.

VOLT COMPANY

Income Statement

For the Month Ended December 31, 2016

Sales

Cost of goods sold:

Cost of finished goods available for sale

Cost of goods sold

Gross profit

Operating expenses

Net income