I need help solving this problem. The picture attached is the information which was given. I copy and pasted the part of the problem I need help completing which is asking for the companys income statement. I found the values which were missing in the original information and have copy and pasted those values. Thanks!
Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
Letter
|
On Company
|
Off Company
|
a. |
$59960 |
$84830 |
b. |
$528820 |
$271120 |
c. |
$549650 |
$216030 |
d. |
$544090 |
$92710 |
e. |
$479010 |
$457230 |
f. |
$345740 |
$263070 |
2.Prepare On Company's statement of cost of goods manufactured for December.
On Company |
Statement of Cost of Goods Manufactured |
For the Month Ended December 31 |
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$ |
Direct materials: |
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$ |
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$ |
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$ |
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Total manufacturing costs incurred during December |
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Total manufacturing costs |
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$ |
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$ |
Extracted text: Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. Off On Company Company Materials inventory, December 1 $69,410 $87,460 Materials inventory, December 31 (a) 98,830 Materials purchased (a) 176,300 Cost of direct materials used in production (b) 186,020 Direct labor 261,680 196,790 97,960 Factory overhead 81,210 Total manufacturing costs incurred in December (b) 565,870 Total manufacturing costs 662,180 776,650 133,270 Work in process inventory, December 1 210,780 (c) Work in process inventory, December 31 112,440 Cost of goods manufactured (c) 560,620 Finished goods inventory, December 1 117,300 97,960 (d) Finished goods inventory, December 31 122,860 Sales 1,023,100 874,600 Cost of goods sold (d) 565,870 Gross profit (e) (e) (f) 133,270 Operating expenses (f) Net income 194,160