During 2010, Gary Manufacturing Company (GMC) incurred $280,000 of manufacturing costs and $84,000 of GS&A expenses. GMC made 14,000 units of product and sold 12,000 units.

8. Based on the above information, the balance in the inventory account shown on GMC's 12/31/2010 balance sheet is: a. $220.000 b. $40.000 C. d $280,000 $24,000

9. Based on the above information, the amount of expense shown on GMC's 12/31/2010 income statement is: a $240,000 h. $84.000 C. $324,000 d. none of the above