determine the amounts of the missing items identifying them by letter 665449
Manufacturing income statement, statement of cost of goods manufactured Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2010:
Grant Company |
McClellan Company |
|
Materials inventory, December 1 |
$78,000 |
$102,000 |
Materials inventory, December 31 |
(a) |
115,000 |
Materials purchased |
198,000 |
230,000 |
Cost of direct materials used in production |
209,000 |
(a) |
Direct labor |
294,000 |
(b) |
Factory overhead |
91,000 |
114,000 |
Total manufacturing costs incurred during December |
(b) |
660,000 |
Total manufacturing costs |
744,000 |
906,000 |
Work in process inventory, December 1 |
150,000 |
246,000 |
Work in process inventory, December 31 |
126,000 |
(c) |
Cost of goods manufactured |
(c) |
654,000 |
Finished goods inventory, December 1 |
132,000 |
114,000 |
Finished goods inventory, December 31 |
138,000 |
(d) |
Sales |
1,150,000 |
1,020,000 |
Cost of goods sold |
(d) |
660,000 |
Gross profit |
(e) |
(e) |
Operating expenses |
150,000 |
(f ) |
Net income |
(f ) |
226,000 |
Instructions
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare a statement of cost of goods manufactured for McClellan Company.
3. Prepare an income statement for McClellan Company.