Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. On Company Off Company Materials inventory, December 1 $68,890 $88,180 Materials inventory, December 31 (a) 99,640 Materials purchased 174,980 (a) Cost of direct materials used in production 184,630 (b) Direct labor 259,720 198,410 Factory overhead 80,600 98,760 Total manufacturing costs incurred in December (b) 570,520 Total manufacturing costs 657,220 783,030 Work in process inventory, December 1 132,270 212,510 Work in process inventory, December 31 111,600 (c) Cost of goods manufactured (c) 565,230 Finished goods inventory, December 1 116,420 98,760 Finished goods inventory, December 31 121,940 (d) Sales 1,015,440 881,800 Cost of goods sold (d) 570,520 Gross profit (e) (e) Operating expenses 132,270 (f) Net income (f) 195,760

It is a simple Cost of Goods Manufactured statement which needs only addition or subtraction at each stage. The formulae used at each working is given . Also the working is given for each company underneath

Explanation:

                                   On Company Off Company

Sales 1,015,440 881,800

Materials inventory, December 1 $68,890 $88,180

Materials purchased 174,980 (a)  284810

Materials inventory, December 31  59240 (a) 99,640

Cost of direct materials used in production 184,630 (b) 273350

Opening Inventory + Purchases - Ending Inventory = Cost of Purchases

On Company ( $ 68,890 + 174,980 -184630= 59240 a)

Off Company (273350+99640-88180= 284810 a)

Direct labor 259,720 198,410

Factory overhead 80,600 98,760

Total manufacturing costs incurred in December 399560 (b) 570,520

Total Manufacturing Costs= Costs Of Purchases + Direct Labor + FOH

On Company (59240+259720+80600= 399560 b )

Off Company (570520-98760-198410=  273350 b)

Total manufacturing costs 657,220 783,030

Work in process inventory, December 1 132,270 212,510

Work in process inventory, December 31 111,600 (c) 430310

Cost of goods manufactured 677890 (c) 565,230

Cost of Goods Manufactured=Total Manufacturing Costs + Beginning WIP - Ending WIP

On Company (657220+132,270 -111600=c 677890)

Off Company (783,030+212510-565230=c 430310)

Finished goods inventory, December 1 116,420 98,760

Finished goods inventory, December 31 121,940 (d) 93470

Cost of goods sold 672 370(d) 570,520

Cost Of Goods Sold= Cost of Goods Manufactured + Beg. Finished  Goods- Ending Finished Goods

On Company ( 677890 +116420-121940= d 672 370 )

Off Company (565,230 +98,760 -570,520 = d 93470)

Gross profit 343070 (e)  311280 (e)

Sales - COGS = Gross Profit

On Company ( 1,015,440- 672370=343070 e)

Off Company ( 881,800-570,520= 311280 e )

Operating expenses 132,270 (f)  1155220

Net income= Gross Profit- Operating expenses

On Company ( 343070 -132,270= 210800 f )

Off Company (311280- f =195,760)

Off Company (   f=311280-195,760= 1155220 f  )

Net income  210800(f) 195,760

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