Business, 12.02.2020 00:06 mrsclnantambu9794
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
a. Indicate the missing amount for each letter.
Case
1 2
Direct materials used $10,170
Direct labor 5,450 8,320
Manufacturing overhead 8,500 4,980
Total manufacturing costs 24120 17,000
Beginning work in process inventory 1,250
Ending work in process inventory 3,420
Sales revenue 25,600
Sales discounts 2,940 1,730
Cost of goods manufactured 17,210 22,780
Beginning finished goods inventory 3,980
Goods available for sale 22,120
Cost of goods sold
Ending finished goods inventory 4,460 3,260
Gross profit 7,730
Operating expenses 3,230
Net income 5,460
b. Prepare a condensed cost of goods manaufactures schdule ffor Case1
c. Prepare an Income statement for Case 1
d. Prepare the current assets section of the balance sheet for Case1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600 and Prepaid Expenses $400.
Answers: 2
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