Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
A-Indicate the missing amount.
|
Case
|
|
|
1
|
|
2
|
| Direct materials used |
|
$9,720 |
|
$
|
| Direct labor |
|
5,520 |
|
8,650 |
| Manufacturing overhead |
|
8,490 |
|
4,540 |
| Total manufacturing costs |
|
|
|
16,720 |
| Beginning work in process inventory |
|
1,180 |
|
|
| Ending work in process inventory |
|
|
|
3,360 |
| Sales revenue |
|
25,090 |
|
|
| Sales discounts |
|
2,740 |
|
2,180 |
| Cost of goods manufactured |
|
17,650 |
|
22,220 |
| Beginning finished goods inventory |
|
|
|
4,150 |
| Goods available for sale |
|
22,560 |
|
|
| Cost of goods sold |
|
|
|
|
| Ending finished goods inventory |
|
3,910 |
|
3,200 |
| Gross profit |
|
|
|
7,820 |
| Operating expenses |
|
3,080 |
|
|
| Net income |
|
|
|
6,060 |
B-Prepare a condensed cost of goods manufactured schedule for Case 1.
CASE 1
Cost of Goods Manufactured Schedule
C-Prepare an income statement for Case 1.
CASE 1
Income Statement
D-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 $3,870, Receivables (net) $15,490, Raw Materials $710, and Prepaid Expenses $460
CASE 1
(Partial) Balance Sheet