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  3. several items are omitted from the income statemen

Several items are omitted from the income statement and cost of goods manufactured statement data...

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Question

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. $ $

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