Several items are omitted from the income statement and cost of goods manufactured statement data...
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Accounting
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
$65,100
$88,540
Materials inventory, December 31
(a)
100,050
Materials purchased
165,350
199,220
Cost of direct materials used in production
174,470
(a)
Direct labor
245,430
(b)
Factory overhead
76,170
99,160
Total manufacturing costs incurred during December
(b)
572,850
Total manufacturing costs
621,060
786,230
Work in process inventory, December 1
124,990
213,380
Work in process inventory, December 31
105,460
(c)
Cost of goods manufactured
(c)
567,540
Finished goods inventory, December 1
110,020
99,160
Finished goods inventory, December 31
115,230
(d)
Sales
959,570
885,400
Cost of goods sold
(d)
572,850
Gross profit
(e)
(e)
Operating expenses
124,990
(f)
Net income
(f)
196,560
Required:
Hint(s)
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.
$
$
Answer & Explanation
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