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

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

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

 
Incomplete manufacturing costs, expenses, and sell
Incomplete manufacturing costs, expenses, and sell

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(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.

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