Sales1,219,5901,108,700Cost of goods sold(d)717,330Gross profit(e)(e)Operating expenses158,860(f)Net income(f)246,130Required:1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.LetterOn CompanyOff Companyа.71,160$358,110b.630,480$343,700C.655,300d.648,6802$117,520570,910$991,180 xе.f.412,050$4745,050 xFeedbackV Check My Work1.a. The cost of direct materials used in production includes the beginning materials inventory plus purchases, less the ending materials inventory.b. Total manufacturing costs incurred during December include direct materials, direct labor, and factory overhead. Manufacturing Income Statement, Statement of Cost of Goods ManufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:OnOffCompanyCompanyMaterials inventory, December 1$82,740$110,870Materials inventory, December 31(a)125,280Materials purchased210,160(a)Cost of direct materials used in production221,740(b)Direct labor311,930249,460Factory overhead96,810124,170Total manufacturing costs incurred in December(b)717,330Total manufacturing costs789,340789,340Work in process inventory, December 1158,860267,200Work in process inventory, December 31134,040(c)Cost of goods manufactured(c)710,680Finished goods inventory, December 1139,830124,170Finished goods inventory, December 31146,450(d)Sales1,219,5901,108,700Cost of goods sold(d)717,330Gross profit(e)(e)Operating expenses158,860(f)

Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter On Company Off Company 71,160 V $ 358,110 а. b. 630,480 V 343,700 C. 655,300 V d. 648,680 V 117,520 V 570,910 V 991,180 X е. f. 412,050 $ 745,050 X Feedback V Check My Work

Required: 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter On Company Off Company 71,160 V $ 358,110 а. b. 630,480 V 343,700 C. 655,300 V d. 648,680 V 117,520 V 570,910 V 991,180 X е. f. 412,050 $ 745,050 X Feedback V Check My Work

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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