Question

Indicate the missing amount for each letter. Case $10,010 5.150 8.660 Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory 8,800 4,280 16.780 1.510 3,630 Sales revenue 25,000 2,820 17,980 Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale 1,710 22.240 4,250 22,370 Cost of goods sold Ending finished goods inventory Gross profit 3,750 (k) 3,270 7,330 Operating expenses 2.930 Net income 5,770 Prepare a condensed cost of goods manufactured schedule for Case 1. CASE 1 Cost of Goods Manufactured Schedule

Answer 1

Answer with working note is given below

Direct Material used Direct Labor manufacturing overhead Total Manufacturing cost Beginning work in process inventory Ending work in process inventory Sales Revenue Sales discounts Cost of Goods manufactured Beginning finished goods inventory Goods available for sale Cost of Goods sold Ending finished goods inventory Gross profit Operating expenses Net income Case 1* $10,010 $5,150 $8,660 $23,820 (a) $1,510 $7,350 (6) $25,000 $2,820 $17,980 $4,390 (C) $22,370 $18,620 (d) $3,750 $3,560 (e) $2,930 $630|() L Case 2 $3,700 (g) ($16,780-$8,800-$4,280) $8,800 $4,280 $16,780 $9,090 (h) ($22,240+$3,630-$16,780) $3,630 $32,260 () ($23,220+$7,330+$1,710) $1,710 $22,240 $4,250 $26,4906) ($22,240 + $4,250) $23,220 (k) ($26,490- $3,270) $3,270 $7,330 $1,560 (0) ($7,330- $5,770) $5,770 *For Case 1 answers below schedules are given Explanation for above answer Total manufacturing cost = Direct material + Direct Labor + manufacturing overhead Cost of Goods manufacturing = Opening WIP + Total manufacturing cost - Closing WIP Cost of Goods sold = Opening FG inventory + Cost of Goods manufactured - Closing FG inventory Gross Profit = Sales - Cost of Goods sold Net Income = Gross profit - Operating expenses $1,510 Case 1 Cost of Goods manufactured Schedule Opening Work in process Direct Material $10,010 Direct Labour $5,150 Manufacturing overhead $8,660 Total manufacturing cost Cost of goods manufactured available Less: Closing Work in process Cost of Goods manufactured $23,820 $25,330 $7,350 $17,980 Case 1 Partial Income Statement Amount $25,000 $2,820 $22,180 Sales Less: Sales Discounts Net Sales Less: Cost of Goods sold Beginning finished goods inventory Add: Cost of Goods manufactured Cost of goods available for sale Less: Closing finished goods inventory Cost of Goods sold Gross profit Less: Operating expense Operating expenses Net Income $4,390 $17,980 $22,370 $3,750 $18,620 $3,560 $2,930 $630 Case 1 $3,310 $15,860 Partial Balance Sheet Current Assets Cash Accounts Receivable, net Inventories: Raw Materials Work in process Finished Goods Prepaid expenses Total Current Assets $680 $7,350 $3,750 $11,780 $500 $31,450