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Problem - Manufacturing income statement, statement of cost of goods manufactured
Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2012:
Tom Company
Jerry Company
Materials inventory, December 1
$ 187,200
$ 118,000
Materials inventory, December 31
(a)
120,000
Materials purchased
475,200
228,000
Cost of direct materials used in production
501,600
Direct labor
705,600
(b)
Factory overhead
218,400
Total manufacturing costs incurred during December
(b) 690,000
Total manufacturing costs
1,785,600
985,000
Work in process inventory, December 1
360,000
295,000
Work in process inventory, December 31
302,400
(c)
Cost of goods manufactured
683,000
Finished goods inventory, December 1
316,800
136,000
Finished goods inventory, December 31
331,200
(d)
Sales
2,760,000
1,117,000
Cost of goods sold
701,000
Gross profit
(e)
Operating expenses
(f)
Net income
256,000
Instructions -
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare a statement of cost of goods manufactured for Jerry Company.
3. Prepare an income statement for Jerry Company.
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