Question

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Your answer is partially correct. Try again. Indicate the missing amount for each letter Case 1 2 X Direct materials used $10,050 (g) Direct labor 5,870 8,150 Manufacturing overhead 8,620 4,820 Total manufacturing costs 24540 (a) 16,130 Beginning work in process inventory 1,270 (h) Ending work in process inventory 8070(b) 3,200 X Sales revenue 25,080 (i) Sales discounts 2,840 2,130 17,740 Cost of goods manufactured 22,680 Beginning finished goods inventory 4,020 [5280(c) Goods available for sale 23,020 X 14950 Cost of goods sold (d) (k) Ending finished goods inventory 4,390 3,180 Gross profit 7,670 7290 |(e) Operating expenses 2,990 Net income 5,400 4300 |(1)

Answer 1

1)

	Case
	1	2
Direct materials used	$10050	$3160 (g)
Direct labor	5870	8150
Manufacturing overhead	8620	4820
Total manufacturing cost	24540 (a)	16130
Beginning work in process inventory	1270	9750 (h)
Ending work in process inventory	8070 (b)	3200
Sales revenue	25080	33320 (i)
Sales discounts	2840	2130
Cost of goods manufactured	17740	22680
Beginning finished goods inventory	5280 (c)	4020
Goods available for sale	23020	26700 (j)
Cost of goods sold	18630 (d)	23520 (k)
Ending finished goods inventory	4390	3180
Gross profit	3610 (e)	7670
Operating expenses	2990	2270 (l)
Net income	$620 (f)	5400

Case 1

Cost of goods sold= Beginning finished goods inventory+Cost of goods manufactured-Ending finished goods inventory

= $5280+17740-4390= $18630

Gross profit= Sales-Sales discounts-Cost of goods sold

= $25080-2840-18630= $3610

Net income= Gross profit-Operating expenses

= $3610-2990= $620

Case 2

Direct materials used= Total manufacturing cost-Direct labor-Manufacturing overhead

= $16130-8150-4820= $3160

Beginning work in process inventory= Cost of goods manufactured+Ending work in process inventory-Total manufacturing cost

= $22680+3200-16130= $9750

Sales revenue= Cost of goods sold+Gross profit+Sales discounts

= $23520+7670+2130= $33320

Goods available for sale= Beginning finished goods inventory+Cost of goods manufactured

= $4020+22680= $26700

Cost of goods sold= Beginning finished goods inventory+Cost of goods manufactured-Ending finished goods inventory

= $4020+22680-3180= $23520

Operating expenses= Gross profit-Net income

= $7670-5400= $2270

2)

Case 1
Cost of Goods Manufactured Schedule
Beginning work in process inventory		$1270
Direct materials used	$10050
Direct labor	5870
Manufacturing overhead	8620
Total manufacturing cost		24540
Total cost of work in process		25810
Less: Ending work in process inventory		(8070)
Cost of Goods Manufactured		$17740

3)

Case 1
Income Statement
Sales	$25080
Less: Sales discounts	(2840)
Net sales		22240
Cost of goods sold:
Beginning finished goods inventory	5280
Add: Cost of Goods Manufactured	17740
Goods available for sale	23020
Less: Ending finished goods inventory	(4390)
Cost of goods sold		(18630)
Gross profit		3610
Less: Operating expenses		(2990)
Net income		$620

4)

Case 1
Balance Sheet
Current Assets
Cash		$3870
Receivables		15550
Inventories
Raw materials	660
Work in process	8070
Finished goods	4390
		13120
Prepaid expenses		500
Total current assets		$33040