Solution-Prepare an income statement for jerry company

Prepare an income statement for jerry company

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Reference no: EM132684435

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	(a)
Direct labor	705,600	(b)
Factory overhead	218,400	120,000
Total manufacturing costs incurred during December	(b)	(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	(c)	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	(d)	701,000
Gross profit	(e)	(e)
Operating expenses	360,000	(f)
Net income	(f)	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.

Reference no: EM132684435

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Prepare an income statement for jerry company

Reference no: EM132684435

Reference no: EM132684435

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