Manufacturing Income Statement,Statement of Cost of Goods Manufactured

Several items are omitted from the income statement andcost of goods manufacturedstatement data for two different companies for the month of December 2014:

	Grant Company	McClellan Company
Materials inventory, December 1	$64,060		$85,840
Materials inventory, December 31	(a)		97,000
Materials purchased	162,710		193,140
Cost of direct materials used in production	171,680		(a)
Direct labor	241,510		(b)
Factory overhead	74,950		96,140
Total manufacturing costs incurred during December	(b)		555,380
Total manufacturing costs	611,130		762,250
Work in process inventory, December 1	123,000		206,870
Work in process inventory, December 31	103,780		(c)
Cost of goods manufactured	(c)		550,230
Finished goods inventory, December 1	108,260		96,140
Finished goods inventory, December 31	113,390		(d)
Sales	944,240		858,400
Cost of goods sold	(d)		555,380
Gross profit	(e)		(e)
Operating expenses	123,000		(f)
Net income	(f)		190,560

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.	$	$

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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	$
	$

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

McClellan Company
Income Statement
For the Month Ended December 31, 2014
	$
Cost of goods sold:
	$
	$
	$
	$