In: Accounting
Account Activity and Relationships
Each case is independent. Solve for missing data in alphabetical order. (Hint: Refer to Exhibit 5.6, p. 168 and the WIP table, p. 176.)
Case A | Case B | Case C | Case D | ||
---|---|---|---|---|---|
Sales | $170,000 | (b) Answer | 220,000 | (b) Answer | |
Direct materials | 30,000 | 42,000 | (f) Answer | 42,000 | |
Direct labor | 10,000 | (c) Answer | 40,000 | (c) Answer | |
Total direct costs | (a) Answer | 64,000 | (e) Answer | 60,000 | |
Conversion cost | (b) Answer | 52,000 | (g) Answer | (g) Answer | |
Manufacturing overhead | 16,000 | (d) Answer | 20,000 | (f) Answer | |
Current manufacturing costs | (c) Answer | (e) Answer | 190,000 | 158,000 | |
Work in process, beginning | 14,000 | 20,000 | (d) Answer | 42,000 | |
Work in process, ending | 10,000 | (f) Answer | 42,000 | (e) Answer | |
Cost of goods manufactured | (d) Answer | 64,000 | (c) Answer | 164,000 | |
Finished goods inventory, beginning | 18,000 | 16,000 | 14,000 | 24,000 | |
Finished goods inventory, ending | 12,000 | (g) Answer | 16,000 | (d) Answer | |
Cost of goods sold | (e) Answer | 70,000 | (b) Answer | 160,000 | |
Gross profit | (f) Answer | (a) Answer | 36,000 | 30,000 | |
Selling and administrative expenses | 40,000 | 30,000 | (a) Answer | (a) Answer | |
Net income | (g) Answer | 44,000 | 24,000 | 12,000 |