ACCOUNTING-Manufacturing Income Statement

QUESTION

Manufacturing Income Statement, Statement of Cost of Goods ManufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2014:GrantCompanyMcClellanCompanyMaterials inventory, December 1$64,060$85,840Materials inventory, December 31(a)97,000Materials purchased162,710193,140Cost of direct materials used in production171,680(a)Direct labor241,510(b)Factory overhead74,95096,140Total manufacturing costs incurred during December(b)555,380Total manufacturing costs611,130762,250Work in process inventory, December 1123,000206,870Work in process inventory, December 31103,780(c)Cost of goods manufactured(c)550,230Finished goods inventory, December 1108,26096,140Finished goods inventory, December 31113,390(d)Sales944,240858,400Cost of goods sold(d)555,380Gross profit(e)(e)Operating expenses123,000(f)Net income(f)190,560Required:1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.LetterGrant CompanyMcClellan Companya.$$b.$$c.$$d.$$e.$$f.$$Hide2. 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$ $ Hide3. Prepare McClellan Company’s income statement for December. McClellan Company Income Statement For the Month Ended December 31, 2014 $ Cost of goods sold: $ $ $ $

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