Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case 1 2 Direct Materials Used $ 8,300 (g) Direct Labor 3,000 $ 4,000 Manufacturing Overhead 6,000 5,000 Total Manufacturing Costs (a) 20,000 Beginning Work in Process Inventory 1,000 (h) Ending Work in Process Inventory (b) 2,000 Sales 22,500
(i) Sales Discounts 1,500 1,200 Cost of Goods Manufactured 15,800 21,000 Beginning Finished Goods Inventory (c) 4,000 Goods Available for Sale 17,300 (j) Cost of Goods Sold (d) (k) Ending Finished Goods Inventory 1,200 2,500 Gross Profit (e) 6,000 Operating Expenses 2,700 (l) Net Income (f) 3,200 Instructions
(a) Indicate the missing amount for each letter.
(b) Prepare a condensed cost of goods manufactured schedule for Case 1.
(c) Prepare an income statement and the current assets section of the balance sheet for Case 1. Assume that in Case study 1 the other items in the current assets section are as follows: Cash $3,000, Receivables (net) $10,000, Raw Materials $700, and Prepaid Expenses $200.