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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
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
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
(j)
Cost of goods sold
(d)
(k)
Ending finished goods inventory
3,400
Gross profit
(e)
7,000
Operating expenses
(l)
Net income
(f )
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.
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