The following information applies to the McAdoo Company for the year. 
Required:
Prepare a statement of cost of goods manufactured and an income statement for the year.
Definitions:
Drainage
The removal of fluids from a body cavity, wound, or other source of accumulation, often through natural or artificial means.
Water-Seal Chamber
A compartment within a thoracic drainage system that prevents air from re-entering the pleural space and allows the removal of air and fluid from the chest.
Loose Connections
In a medical setting, refers to electrical or tubing connections that are not securely fastened, potentially leading to equipment malfunction.
Rubber-Tipped Clamps
Clamping devices equipped with rubber tips to grip without causing damage.
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