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

Direct materials used $ 9,600 $ (g)

Direct labor 5,000 8,000 Manufacturing overhead 8,000 4,000 Total manufacturing costs

(a) 16,000 Beginning work in process inventory 1,000 (h)

Ending work in process inventory

(b) 3,000 Sales revenue 24,500 (i)

Sales discounts 2,500 1,400 Cost of goods manufactured 17,000 22,000 Beginning fi nished goods inventory

(c) 3,300 Goods available for sale 20,000 (j)

Cost of goods sold

(d) (k)

Ending fi nished goods inventory 3,400 2,500 Gross profi t

(e) 7,000 Operating expenses 2,500 (l)

Net income

(f) 5,000 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

$4,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $400.

AppendixLO1