Manufacturing Income Statement, Statement of Cost of Goods Manufactured

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2014:

Grant Company McClellan Company Materials inventory, December 1 $66,510 $90,450 Materials inventory, December 31 (a) 102,210 Materials purchased 168,940 203,510 Cost of direct materials used in production 178,250 (a) Direct labor 250,740 (b) Factory overhead 77,820 101,300 Total manufacturing costs incurred during December (b) 585,210 Total manufacturing costs 634,510 803,190 Work in process inventory, December 1 127,700 217,980 Work in process inventory, December 31 107,750 (c) Cost of goods manufactured (c) 579,780 Finished goods inventory, December 1 112,400 101,300 Finished goods inventory, December 31 117,720 (d) Sales 980,360 904,500 Cost of goods sold (d) 585,210 Gross profit (e) (e) Operating expenses 127,700 (f) Net income (f) 200,800

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Letter Grant Company McClellan Company a. $ $ b. $ $ c. $ $ d. $ $ e. $ $ f. $ $

Hide

2. Prepare McClellan Company's statement of cost of goods manufactured for December. Enter all amounts as positive numbers.

McClellan Company

Statement of Cost of Goods Manufactured

For the Month Ended December 31, 2014

$

Direct materials:

$

$

$

Total manufacturing costs incurred during December

Total manufacturing costs

$

$

Hide

3. Prepare McClellan Company's income statement for December.

McClellan Company

Income Statement

For the Month Ended December 31, 2014

$

Cost of goods sold:

$

$

$

$

Check My Work (10 remaining)

Icon Key

Question 1 of 1 Problem 16-4 (Algorithmic)