Required:

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.

Problem 2:

Required:

1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month.

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

Manufacturing Income Statement, Statement of Cost of Goods Manufactured 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 McClellan Company Company Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income $56,780 $75,520 (a) 85,340 144,220 169,920 152,170 214,060 66,430 84,580 (b) 488,610 541,680 670,610 109,020 182,000 91,980 (c) 484,080 95,960 84,580 100,500 836,940 755,200 (d) 488,610 109,020 (f) 167,650