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Grant Company
McClellan Company
Materials inventory, December 1
$86,380
$118,340
Materials inventory, December 31
(a)
133,720
Materials purchased
219,410
266,270
Cost of direct materials used in production
231,500
Direct labor
325,650
(b)
Factory overhead
101,060
132,540
Total manufacturing costs incurred during December
765,660
Total manufacturing costs
824,060
1,050,860
Work in process inventory, December 1
165,850
285,200
Work in process inventory, December 31
139,940
(c)
Cost of goods manufactured
758,560
Finished goods inventory, December 1
145,980
Finished goods inventory, December 31
152,890
(d)
Sales
1,273,240
1,183,400
Cost of goods sold
Gross profit
(e)
Operating expenses
(f)
Net income
262,710
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
2. Prepare McClellan Company's statement of cost of goods manufactured for December. Enter all amounts as positive numbers.
3. Prepare McClellan Company's income statement for December.
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