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

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Direct   materials used


$9,600


$http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

Direct   labor


5,000


8,000

 

Manufacturing   overhead


8,000


4,000

 

Total   manufacturing costs


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16,000

 

Beginning   work in process inventory


1,000


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Ending   work in process inventory


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3,000

 

Sales   revenue


24,500


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Sales   discounts


2,500


1,400

 

Cost of   goods manufactured


17,000


22,000

 

Beginning   finished goods inventory


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3,300

 

Goods   available for sale


20,000


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Cost of   goods sold


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Ending   finished goods inventory


3,400


2,500

 

Gross   profit


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7,000

 

Operating   expenses


2,500


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Net income


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5,000


  

b) Prepare a condensed cost of goods manaufactures schdule ffor Case1

c1) Prepare an Income statement for Case 1

c2) 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.

    • 4 years ago
    Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
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