Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
|
Case |
||
|
A |
B |
|
|
Direct materials used |
$ 6,300 |
$ (g) |
|
Direct labor |
3,000 |
4,000 |
|
Manufacturing overhead |
6,000 |
5,000 |
|
Total manufacturing costs |
(a) |
16,000 |
|
Beginning work in process inventory |
1,000 |
(h) |
|
Ending work in process inventory |
(b) |
2,000 |
|
Sales revenue |
22,500 |
(i) |
|
Sales discounts |
1,500 |
1,200 |
|
Cost of goods manufactured |
15,800 |
20,000 |
|
Beginning finished goods inventory |
(c) |
5,000 |
|
Goods available for sale |
18,300 |
(j) |
|
Cost of goods sold |
(d) |
(k) |
|
Ending finished goods inventory |
1,200 |
2,500 |
|
Gross profit |
(e) |
6,000 |
|
Operating expenses |
2,700 |
(1) |
|
Net income |
(f) |
2,200 |
Instructions
(a)Indicate the missing amount for each letter.
(b)Prepare a condensed cost of goods manufactured schedule for Case A.
(c)Prepare an income statement and the current assets section of the balance sheet for Case A. Assume that in Case A the other items in the current assets section are as follows: Cash $3,000, Receivables (net) $10,000, Raw Materials $700, and Prepaid Expenses $200.