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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1. a. The cost of direct materials used in production includes the beginning materials inventory plus purchases, less the ending materials inventory. b. Total manufacturing costs incurred during December include direct materials, direct labor, and factory overhead. c. The cost of goods manufactured is beginning work in process plus total manufacturing costs less the ending work in process. d. The cost of goods sold is the beginning finished goods plus the cost of goods manufactured, less the ending finished goods. e. Sales minus cost of goods sold equals gross profit. f. Gross profit minus operating expenses equals net income.

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