Question

Problem 14-03A a-c (Video) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter. Case 2 Direct materials used (9) Direct labor Manufacturing overhead Total manufacturing costs $10,100 5,380 8,580 8,270 4,210 24060 (a) 16,110 Beginning work in process inventory 1,950 (h) Ending work in process inventory (b) 3,160 Sales revenue 25,860 Sales discounts Cost of goods manufactured Beginning finished goods inventory 2,870 18,050 2,060 22,610 4,310 Goods available for sale 22,450 Cost of goods sold Ending finished goods inventory Gross profit 4,280 3,580 7,550 Operating expenses 2,900 Net income 5,780

Answer 1

	Case
	1		2
Direct Materials used	$          10,100.00		$    3,630.00	=16110-8270-4210
Direct Labor	$            5,380.00		$    8,270.00
Manufacturing Overhead	$            8,580.00		$    4,210.00
Total Manufacturing Costs	$          24,060.00	=10100+5380+8580	$ 16,110.00
Beginning work in process inventory	$            1,950.00		$    9,660.00	=22610+3160-16110
Ending work in process inventory	$            7,960.00	=24060+1950-18050	$    3,160.00
Sales Revenue	$          25,860.00		$ 32,950.00	=7550+23340+2060
Sales discounts	$            2,870.00		$    2,060.00
Cost of Goods Manufactured	$          18,050.00		$ 22,610.00
Beginning Finished goods inventory	$            4,400.00	=22450-18050	$    4,310.00
Goods available for use	$          22,450.00		$ 26,920.00	=22610+4310
Cost of Goods Sold	$          18,170.00	=22450-4280	$ 23,340.00	=26920-3580
Ending Finished goods inventory	$            4,280.00		$    3,580.00
Gross Profit	$            4,820.00	=25860-2870-18170	$    7,550.00
Operating Expenses	$            2,900.00		$    1,770.00	=7550-5780
Net Income	$            1,920.00	=4820-2900	$    5,780.00

Income Statement
Sales Revenue	$          25,860.00
Less : Sales Discount	$            2,870.00
Net Sales Revenue		$       22,990.00
Cost of Goods Sold
Beginning Finished Goods Inventory	$            4,400.00
Add : Cost of Goods manufactured	$          18,050.00
Cost of Goods Available for sale	$          22,450.00
Less : Ending Finished Goods Inventory	$            4,280.00
Cost of Goods Sold		$       18,170.00
Gross Profit		$         4,820.00
Operating Expenses		$         2,900.00
Net Income		$         1,920.00

Balance Sheet (Partial)
Current assets
Cash		$         3,780.00
Receivables (net)		$       15,400.00
Inventory
Raw Material	$                690.00
Work in Process	$            7,960.00
Finished goods	$            4,280.00
Total Inventory		$       12,930.00
Prepaid Expenses		$             440.00
Total Current assets		$       32,550.00