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	$90,070		$120,690
Materials inventory, December 31	(a)		136,380
Materials purchased	228,780		271,550
Cost of direct materials used in production	241,390		(a)
Direct labor	339,560		(b)
Factory overhead	105,380		135,170
Total manufacturing costs incurred during December	(b)		780,860
Total manufacturing costs	859,270		1,071,720
Work in process inventory, December 1	172,930		290,860
Work in process inventory, December 31	145,910		(c)
Cost of goods manufactured	(c)		773,620
Finished goods inventory, December 1	152,220		135,170
Finished goods inventory, December 31	159,420		(d)
Sales	1,327,630		1,206,900
Cost of goods sold	(d)		780,860
Gross profit	(e)		(e)
Operating expenses	172,930		(f)
Net income	(f)		267,930

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.	$	$

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

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