Several items are omitted from the income statement and cost of goods manufactured statement data for...
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![1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/06/6482cad30133d_1686293313565.jpg)
![2. Prepare On Company's statement of cost of goods manufactured for December.](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/06/6482cae36a110_1686293330268.jpg)
![3. Prepare On Company's income statement for December.](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/06/6482caf57231d_1686293348296.jpg)
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Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Materials inventory, December 11 Materials inventory, December 31 Materials purchased Cost of direct materials used in production 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 Cost of goods sold Gross profit Operating expenses Net income On Company $84,630 (a) 214,960 226,810 319,060 99,020 (b) 807,350 162,490 137,100 (c) 143,020 149,800 1,247,450 (d) (0) 162,490 Off Company $113,400 128,140 (a) (b) 255,150 127,010 733,700 807,380 273,290 (c) 726,890 127,010 (d) 1,134,000 733,700 (0) (1) 251,750 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. On Company Off Company Letter a. b. C. d. e. 10000 00000 2. Prepare On Company's statement of cost of goods manufactured for December. 3. Prepare On Company's income statement for December. Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Materials inventory, December 11 Materials inventory, December 31 Materials purchased Cost of direct materials used in production 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 Cost of goods sold Gross profit Operating expenses Net income On Company $84,630 (a) 214,960 226,810 319,060 99,020 (b) 807,350 162,490 137,100 (c) 143,020 149,800 1,247,450 (d) (0) 162,490 Off Company $113,400 128,140 (a) (b) 255,150 127,010 733,700 807,380 273,290 (c) 726,890 127,010 (d) 1,134,000 733,700 (0) (1) 251,750 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. On Company Off Company Letter a. b. C. d. e. 10000 00000 2. Prepare On Company's statement of cost of goods manufactured for December. 3. Prepare On Company's income statement for December.
Expert Answer:
Answer rating: 100% (QA)
To determine the amounts of the missing items we need to use the given data and apply accounting principles mainly the calculation of cost of goods sold COGS and the flow of inventory costs Well start ... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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