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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

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.

Jul 01 2020 View more View Less

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