Solution for QID #5026: Incomplete manufacturing costs, expenses, and selling data f | StudyHelpMe

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   $9,600     $   Direct labor   5,000     8,000   Manufacturing overhead   8,000     4,000   Total manufacturing costs       16,000   Beginning work in process inventory   1,000       Ending work in process inventory       3,000   Sales revenue   24,500       Sales discounts   2,500     1,400   Cost of goods manufactured   17,000     22,000   Beginning finished goods inventory       3,300   Goods available for sale   20,000       Cost of goods sold         Ending finished goods inventory   3,400     2,500   Gross profit       7,000   Operating expenses   2,500       Net income       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.