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

Case

1

2

Direct materials used

$ 9,600

$ (g)

Direct labor

5,000

8,000

Manufacturing overhead

8,000

4,000

Total manufacturing costs

(a)

16,000

Beginning work in process inventory

1,000

(h)

Ending work in process inventory

(b)

3,000

Sales revenue

24,500

(i)

Sales discounts

2,500

1,400

Cost of goods manufactured

17,000

22,000

Beginning finished goods inventory

(c)

3,300

Goods available for sale

20,000

a)

Cost of goods sold

(d)

(k)

Ending finished goods inventory

3,400

2,500

Gross profit

(e)

7,000

Operating expenses

2,500

Net income

(f)

5,000

Instructions

(a)Indicate the missing amount for each letter.

(b)Prepare a condensed cost of goods manufactured schedule for Case 1.

(c)Prepare an income statement and 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 $4,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $400.