Business, 31.03.2021 01:40 eweqwee3147
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 $82,590 $108,190
Materials inventory, December 31 (a) 122,250
Materials purchased 209,780 (a)
Cost of direct materials used in production 221,340 (b)
Direct labor 311,360 243,430
Factory overhead 96,630 121,170
Total manufacturing costs incurred
in December (b) 699,990
Total manufacturing costs 787,900 960,730
Work in process inventory, December 1 158,570 260,740
Work in process inventory, December 31 133,800 (c)
Cost of goods manufactured (c) 693,500
Finished goods inventory, December 1 139,580 121,170
Finished goods inventory, December 31 146,180 (d)
Sales 1,217,380 1,081,900
Cost of goods sold (d) 699,990
Gross profit (e) (e)
Operating expenses 158,570 (f)
Net income (f) 240,180
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare McClellan Company's statement of cost of goods manufactured for December.
3. Prepare McClellan Company's income statement for December.
Answers: 1
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Manufacturing Income Statement, Statement of Cost of Goods Manufactured.
Several items are omitted...
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