Incomplete manufacturing costs, expenses, and selling data for two - 10393

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AP19-3A


 

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

 


Your answer is correct.

 

 

 

Indicate the missing amount for each letter.

 

 

Case

 

1

2

Direct Materials Used

$ 7,251

G $

Direct Labor

5,287

8,398

Manufacturing Overhead

8,362

4,034

Total Manufacturing Costs

A

17,911

Beginning Work in Process Inventory

1,312

H

Ending Work in Process Inventory

B

3,260

Sales

24,185

I

Sales Discounts

2,402

1,645

Cost of Goods Manufactured

16,872

22,126

Beginning Finished Goods Inventory

C

3,883

Goods Available for Sale

17,741

J

Cost of Goods Sold

D

K

Ending Finished Goods Inventory

3,562

2,071

Gross Profit

E

6,719

Operating Expenses

2,625

L

Net Income

F

4,751

 

 

 

 

 

Prepare a condensed cost of goods manufactured schedule for Case 1. (List amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

CASE 1

Cost of Goods Manufactured Schedule

 

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 $3,809, Receivables (net) $14,811, Raw Materials $671, and Prepaid Expenses $151. (List amounts from largest to smallest e.g. 10, 5, 3, 2. List current assets in order of liquidity.)

 

 

 

 

 

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