Question

In: Accounting

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the...

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
Indicate the missing amount for each letter.

Case

1

2
Direct materials used $10,190 $ (g)
Direct labor 5,130 8,660
Manufacturing overhead 8,720 4,960
Total manufacturing costs (a) 16,760
Beginning work in process inventory 1,840 (h)
Ending work in process inventory (b) 3,920
Sales revenue 25,500 (i)
Sales discounts 2,880 2,240
Cost of goods manufactured 18,010 22,790
Beginning finished goods inventory (c) 4,140
Goods available for sale 22,620 (j)
Cost of goods sold (d) (k)
Ending finished goods inventory 3,680 3,270
Gross profit (e) 7,750
Operating expenses 3,250 (l)
Net income (f) 5,990
Prepare a condensed cost of goods manufactured schedule for Case 1.

CASE 1
Cost of Goods Manufactured Schedule
$
$
$
Prepare an income statement for Case 1.

CASE 1
Income Statement
$
$
$

Prepare the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $3,570, Receivables (net) $16,040, Raw Materials $710, and Prepaid Expenses $470. (List Current Assets in order of liquidity.)

CASE 1
(Partial) Balance Sheet
$
$
$

Solutions

Expert Solution


ekkarill92 answered 2 years ago
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