Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.

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 1 the other items in the current assets section are as follows: Cash $3,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $400.

Transcribed Image Text:

Case 2 s 9,600S (g) Direct materials used Direct labor Manufacturing overhead Total manufacturing costs 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 5,000 8,000 8,000 4,000 16,000 1,000 3,000 24,500 2,500 17,000 1,400 24,000 3,300 22,000 3,400 2,500 2,500 7,000 5,000