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 | 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 | 2,500 |
| Gross profit | (e) | 7,000 |
| Operating expenses | 2,500 | (l) |
| 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.
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