Manufacturing income statement statement of cost of goods manufactured S

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 Jerry company

Company

Materials inventory December 1 $ 1 87200 $ 1 1 8000

Materials inventory December 31 (a) 1 20000

Materials purchased 475200 228000

Cost of direct materials used in production 501 600 (a)

Direct labor 705600 (b)

Factory overhead 21 8400 1 20000

Total manufacturing costs incurred during December (b) 690000

Total manufacturing costs 1 785600 985000

Work in process inventory December 1 360000 295000

Work in process inventory December 31 302400 (c)

Cost of goods manufactured (c) 683000

Finished goods inventory December 1 31 6800 1 36000

Finished goods inventory December 31 331 200 (d)

Sales 2760000 1 1 1 7000

Cost of goods sold (d) 701 000

Gross prof t (e) (e)

Operating expenses 360000 (f)

Net income (f) 256000

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.