Question

In: Accounting

Indicate the missing amount for each letter. Case 1 2 Direct materials used $9,990 $enter a...

Indicate the missing amount for each letter.

Case

1

2

Direct materials used

 $9,990 $enter a dollar amount (g)

Direct labor

 5,100 8,360

Manufacturing overhead

 8,980 4,100

Total manufacturing costs

 enter a dollar amount (a) 16,420

Beginning work in process inventory

 1,150 enter a dollar amount (h)

Ending work in process inventory

 enter a dollar amount (b) 3,800

Sales revenue

 25,430 enter a dollar amount (i)

Sales discounts

 3,000 2,430

Cost of goods manufactured

 17,920 22,980

Beginning finished goods inventory

 enter a dollar amount (c) 4,180

Goods available for sale

 22,810 enter a dollar amount (j)

Cost of goods sold

 enter a dollar amount (d) enter a dollar amount (k)

Ending finished goods inventory

 4,190 3,100

Gross profit

 enter a dollar amount (e) 7,460

Operating expenses

 2,900 enter a dollar amount (l)

Net income

 enter a dollar amount (f) 5,190

Solutions

Expert Solution

Case 1:

Total manufacturing costs = Direct material + Direct labor + Manufacturing overhead

Total manufacturing costs = $9,990+5,100+8,980 = $24,070

Ending work in process = Beginning work in process+Total manufacturing costs-Cost of goods manufactured

Ending work in process = $1,150+24,070-17,920 = $7,300

Beginning finished goods inventory = Cost of goods available for sale-Cost of goods manufactured

Beginning finished goods inventory = $22,810-17,920 = $4,890

Cost of goods sold = Beginning finished goods inventory+Cost of goods manufactured-Ending finished goods inventory

Cost of goods sold = $4,890+17,920-4,190 = $18,620

Gross profit = Sales revenue-Sales discount-Cost of goods sold

Gross profit = $25,430-3,000-18,620 = $3,810

Net income = Gross margin - Operating expenses

Net income = $3,810-2,900 = $910

Case 2:

Direct material used = Total manufacturing costs - Direct labor - Manufacturing overhead

Direct material used = $16,420-8,360-4,100 = $3,960

Beginning work in process = Enidng work in process+Cost of goods manufactured-Total manufacturing costs

Beginning work in process = $3,800+22,980-16,420 = $10,360

Goods available for sale = Beginning finished goods inventory+Cost of goods manufactured

Goods available for sale = $4,180+22,980 = $27,160

Cost of goods sold = Goods available for sale - Ending finished goods inventory

Cost of goods sold = $27,160 - 3,100 = $24,060

Sales revenue = Gross profit +Cost of goods sold + Sales discount

Sales revenue = $7,460+24,060+2,430 = $33,950

Operating expenses = Gross profit - Net income

Operating expenses = $7,460-5,190 = $2,270

ekkarill92 answered 2 years ago
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