=+Total manufacturing costs incurred in December

(b) 350,000 Total manufacturing costs 514,000 398,000 Work in process inventory, December 1 63,000 48,000 Work in process inventory, December 31 91,000 (c)

Cost of goods manufactured

(c) 353,000 Finished goods inventory, December 1 118,000 62,000 Finished goods inventory, December 31 104,000 (d)

Sales 595,000 448,000 Cost of goods sold

(d) 356,000 Gross profit

(e) (e)

Operating expenses 62,000 (f)

Net income

(f) 38,000 Instructions 1. Determine the amounts of the missing items, identifying them by letter.