Question

Problem 19-03A a-c (Part Level Submission) (Video) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Your answer is correct. Indicate the missing amount for each letter. Case 2 1 Direct materials used $10,060 4360 (g) Direct labor 5,260 8,420 Manufacturing overhead 8,900 4,320 24220 Total manufacturing costs 17,100 a) 8650 h) Beginning work in process inventory 1,710 7890b) Ending work in process inventory 3,140 Sales revenue 25,440 33110 Sales discounts 2,610 1,560 Cost of goods manufactured 18,040 22,610 4910kc) Beginning finished goods inventory 3,960 Goods available for sale 22,950 26570 i 19250 (d) Cost of goods sold 23480 (k) Ending finished goods inventory 3,700 3,090 Gross profit 3580 e) 8,070 Operating expenses 2,910 2760 (I) Net income 670 f) 5,310 Click if you would like to Show Work for this question: Open Show work (b) Your answer is partially correct. Try again Prepare a condensed cost of goods manufactured schedule for Case 1 CASE 1 Cost of Goods Manufactured Schedule Work in Process Inventory, Beginning 1710 5260 Direct Labor 8900 Manufacturing Overhead 10060 Direct Materials Work in Process Inventory, Beginning 1710 Total Cost of Work in Process 25930 Work in Process Inventory, Ending Less 7890 18040 Cost of Goods Manufactured Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 15 of 15 used (c) Prepare an income statement for Case 1 CASE 1 Income Statement (c) Prepare an income statement for Case 1 CASE Income Statement Prepare 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 $3,760, Receivables (net) $15,510, Raw Materials $690, and Prepaid Expenses $500. (List Current Assets in order of liquidity.) CASE 1 (Partial) Balance Sheet Open Show Work Click if you would like to Show Work for this question:

Answer 1

Answers to incorrect parts:

b) CASE 1 Cost of Goods Manufactured Schedule Work in Process Inventory, Beginning $1,710 $5,260 $8,900 $10,060 Direct Labor Manufacturing Overhead Direct Materials $24,220 $25,930 $7,890 $18,040 Total current period costs Total Cost of Work in Process Less: Work in Process, Ending Cost of Goods Manufactured c) CASE 1 Income Statement $25,440 $2,610 $22,830 Sales revenue Less: Sales discounts Net Sales Revenue Cost of goods sold: $4,910 $18,040 $22,950 $3,700 Beginning FG inventory Add: Cost of goods manufact. Goods available for sale Less: Ending FG inventory Cost of goods sold Gross profit $19,250 $3,580 $2,910 $670 Operating expenses Net income

d) CASE 1 (Partial) Balance Sheet Current Assets: $3,760 Cash Receivables (net) $15,510 Inventory: $690 Raw Materials $7,890 Work in Process $3,700 Finished Goods $12,280 $500 Prepaid Expenses $32,050 Total Current Assets