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Problem
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
$74,190
$99,410
Materials inventory, December 31
(a)
112,330
Materials purchased
188,440
223,670
Cost of direct materials used in production
198,830
Direct labor
279,700
(b)
Factory overhead
86,800
111,340
Total manufacturing costs incurred during December
643,180
Total manufacturing costs
707,770
882,760
Work in process inventory, December 1
142,440
239,580
Work in process inventory, December 31
120,190
(c)
Cost of goods manufactured
637,220
Finished goods inventory, December 1
125,380
Finished goods inventory, December 31
131,320
(d)
Sales
1,093,560
994,100
Cost of goods sold
Gross profit
(e)
Operating expenses
(f)
Net income
220,690
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
2. Prepare McClellan Company's statement of cost of goods manufactured for December. Enter all amounts as positive numbers.
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