Business, 18.01.2021 14:00 theday2278

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.

On Company Off Company
Materials inventory, December 1 $74,060 $96,280
Materials inventory, December 31 (a) 108,800
Materials purchased 188,110 (a)
Cost of direct materials used in production 198,480 (b)
Direct labor 279,210 216,630
Factory overhead 86,650 107,830
Total manufacturing costs incurred in December (b) 622,930
Total manufacturing costs 706,540 854,960
Work in process inventory, December 1 142,200 232,030
Work in process inventory, December 31 119,980 (c)
Cost of goods manufactured (c) 617,150
Finished goods inventory, December 1 125,160 107,830
Finished goods inventory, December 31 131,090 (d)
Sales 1,091,640 962,800
Cost of goods sold (d) 622,930
Gross profit (e) (e)
Operating expenses 142,200 (f)
Net income (f) 213,740

Required:
a. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
b. Prepare On Company's statement of cost of goods manufactured for December.
c. Prepare On Company's income statement for December.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 07:30, cacaface311

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Answers: 1

continue

Business, 22.06.2019 14:30, Hannahdavy5434

Stella company sells only two products, product a and product b. product a product b total selling price $50 $30 variable cost per unit $20 $10 total fixed costs $2,110,000 stella sells two units of product a for each unit it sells of product b. stella faces a tax rate of 40%. stella desires a net afterminustax income of $54,000. the breakeven point in units would be

Answers: 3

continue

Business, 22.06.2019 16:00, bossboybaker

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Answers: 1

continue

Business, 22.06.2019 17:30, dani4685

One of your new suppliers, kim, has been hearing rumors about your firm’s lack of capability to deliver high quality products and writes an email asking you to address the claims being made. in replying to her, you want to be sure that you are very clear and leave no room for misinterpretation. which of the following aspects of effective communication should you give the most attention? (a) making sure you understand kim’s areas of expertise. (b) supporting your reply with relevant data and facts. (c) establishing your credibility as an expert. (d) paying attention to implied communications.

Answers: 2

continue

You know the right answer?

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted f...