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

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

1

 

Prius Company

Volt Company

2

Materials inventory, December 1

$281,960.00

$179,000.00

3

Materials inventory, December 31

(a)

178,000.00

4

Materials purchased

712,200.00

341,200.00

5

Cost of direct materials used in production

751,600.00

(a)

6

Direct labor

1,059,200.00

(b)

7

Factory overhead

325,800.00

180,400.00

8

Total manufacturing costs incurred during December

(b)

1,032,000.00

9

Total manufacturing costs

2,677,600.00

1,475,500.00

10

Work in process inventory, December 1

541,000.00

443,500.00

11

Work in process inventory, December 31

452,000.00

(c)

12

Cost of goods manufactured

(c)

1,025,500.00

13

Finished goods inventory, December 1

478,200.00

205,000.00

14

Finished goods inventory, December 31

495,400.00

(d)

15

Sales

4,144,000.00

1,671,000.00

16

Cost of goods sold

(d)

1,053,500.00

17

Gross profit

(e)

(e)

18

Operating expenses

545,000.00

(f)

19

Net income

(f)

382,900.00

Required:A.Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.B.Prepare Volt Company's statement of cost of goods manufactured for December.*C.Prepare Volt Company's income statement for December.** Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Plus" will automatically appear if it is required. Enter all amounts as positive numbers.

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