Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month December 2016:

On Company Off Company
Materials inventory December 1 65800 195300
Materials inventory December 31 A 91140
Materials purchased 282800 A
Cost of direct materials used in production 317800 B
Direct labor 387800 577220
Factory overhead 148400 256060
Total manufacturing costs incurred in December B 1519000
Total manufacturing costs 973000 1727320
Work in process inventory December 1 119000 208320
Work in process inventory December 31 172200 C
Cost of goods manufactured C 1532020
Finished goods inventory December 1 224000 269080
FInished goods inventory December 31 197400 D
Sales 1127000 1944320
Cost of goods sold D 1545040
Gross profit E E
Operating expenses 117600 F
Net income F 164920

1. Detmine the amount of the missing items, identifying them by letter.
2. Prepare On Company's statement of goods manufactured for December.
3. Prepare On Company's income statement for December.

Question

29-01-2020
Business

contestada

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month December 2016:

On Company Off Company
Materials inventory December 1 65800 195300
Materials inventory December 31 A 91140
Materials purchased 282800 A
Cost of direct materials used in production 317800 B
Direct labor 387800 577220
Factory overhead 148400 256060
Total manufacturing costs incurred in December B 1519000
Total manufacturing costs 973000 1727320
Work in process inventory December 1 119000 208320
Work in process inventory December 31 172200 C
Cost of goods manufactured C 1532020
Finished goods inventory December 1 224000 269080
FInished goods inventory December 31 197400 D
Sales 1127000 1944320
Cost of goods sold D 1545040
Gross profit E E
Operating expenses 117600 F
Net income F 164920

1. Detmine the amount of the missing items, identifying them by letter.
2. Prepare On Company's statement of goods manufactured for December.
3. Prepare On Company's income statement for December.

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mchaid015 mchaid015 · Answer 1 · 2020-02-10T07:49:41+01:00

Answer:

1. ON Company

a. $30,800

b. $854,000

c. $800,800

d. $827,400

e. $299,600

f. $182,000

Off Company

a. $581,560

b. $685,720

c. $195,300

d. $256,060

e. $399,280

f. $234,360

2.1 On Company

Statement of Cost of Goods Manufactured

For the month Ended December 31, 2016

Raw Material

Raw material, beginning $65,800

Add:Purchases 282,800

Raw materials available 348,600

Less: Raw material, end 30,800

Cost of raw material used 317,800

Add: Direct labor 387,800

Prime Cost 705,600

Add: Factory overhead 148,400

Manufacturing cost 854,000

Add: Work in process, beginning 119,000

Less: Work in process, Ending 172,200

Cost of Goods Manufactured $800,800

2.2 Off Company

Statement of Cost of Goods Manufactured

For the month Ended December 31, 2016

Raw Material

Raw material, beginning $195,300

Add:Purchases 581,560

Raw materials available 776,860

Less: Raw material, end 91,140

Cost of raw material used 685,720

Add: Direct labor 577,220

Prime Cost 1,262,940

Add: Factory overhead 256,060

Manufacturing cost 1,519,000

Add: Work in process, beginning 208,320

Less: Work in process, Ending 195,300

Cost of Goods Manufactured $1,532,020

3.1 On Company

Income Statement

For the month Ended December 31, 2016

Sales $1,127,000

Less: Cost of goods sold 827,400

Gross profit 299,600

Less: Operating expenses 117,600

Net Income $182,000

3.2 Off Company

Income Statement

For the month Ended December 31, 2016

Sales $1,944,320

Less: Cost of goods sold 1,545,040

Gross profit 399,280

Less: Operating expenses 234,360

Net Income 164,920

Explanation:

a1. To get the raw materials end balance, we have to add the raw materials beginning plus the purchases then deduct it from raw materials used in the given data.

a & b (Off Company). To compute the Raw materials used and purchases, we will begin with the given manufacturing cost amount, then deduct from it the factory overhead and direct labor to get the cost of materials used for the period. Then from it we add the raw material ending balance and add back the raw materials beginning to get the purchases for the month.

b. (On Company) Manufacturing cost is computed by adding cost of materials used and direct labor and factory overhead.

c. (On Company) To get the cost of goods sold, we add work in process beginning balance to the manufacturing cost we computed earlier and then deduct work in process ending balance.

c. (Off Company) to get the work in process end, we begin with the manufacturing cost and add work in process beginning then less the cost of goods manufactured.

d. (On Company) To get the cost of goods sold, we add cost of goods manufactured and finished goods beginning then deduct finished goods end.

d. (Off Company) To compute the finished goods end, we add cost of goods manufacture and finished goods beginning balance then deduct cost of goods sold from it.

e. (On Company) Gross profit is computed by deducting cost of goods sold $827,400 from the sales of $1,127,000

e. (Off Company) Gross profit is computed by deducting cost of goods sold $1,545,040 from the sales of $1,944,320

f. (On Company) Net income is computed by deducting Operating expense of $117,600 from Gross Profit $299,600

f. (Off Company) To compute operating expense we deduct Net income amount o0f $164,920 from the gross profit of $399,280

On Company

Statement of Cost of Goods Manufactured

For the month Ended December 31, 2016

Raw Material

Raw material, beginning $65,800

Add:Purchases 282,800

Raw materials available 348,600

Less: Raw material, end 30,800

Cost of raw material used 317,800

Add: Direct labor 387,800

Prime Cost 705,600

Add: Factory overhead 148,400

Manufacturing cost 854,000

Add: Work in process, beginning 119,000

Less: Work in process, Ending 172,200

Cost of Goods Manufactured $800,800

Statement of Cost of Goods Sold

Finished goods, beginning $224,000

Add: Cost of Goods Manufactured 800,800

Cost of goods available for sale 1,024,800

Less: Finished goods, ending 197,400

Cost of goods sold $827,400

2.2 Off Company

Statement of Cost of Goods Manufactured

For the month Ended December 31, 2016

Raw Material

Raw material, beginning $195,300

Add:Purchases 581,560

Raw materials available 776,860

Less: Raw material, end 91,140

Cost of raw material used 685,720

Add: Direct labor 577,220

Prime Cost 1,262,940

Add: Factory overhead 256,060

Manufacturing cost 1,519,000

Add: Work in process, beginning 208,320

Less: Work in process, Ending 195,300

Cost of Goods Manufactured $1,532,020

Statement of Cost of Goods Sold

Finished goods, beginning $269,080

Add: Cost of Goods Manufactured 1,532,020

Cost of goods available for sale 1,801,100

Less: Finished goods, ending 256,060

Cost of goods sold $1,545,040