1 2 $10,060 $ 5,260 8,900 (9) 8,420 4,320 17,100 (a) 1,710 (h) 3,140 (b) 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 25,440 2,610 18,040 (0) 1,560 22,610 3,960 22,950 6) (d) 3,700 (k) 3,090 8,070 (e) 2,910 Net income (f) 5,310 LINK TO TEXT Prepare a condensed cost of goods manufactured schedule for Case 1. CASE 1 Cost of Goods Manufactured Schedule $ $ > > > Prepare an income statement for Case 1. CASE 1 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 $ Problem 1-2A (Video) Bell Company, a manufacturer of audio systems, started its production in October 2020. For the preceding 3 years, Bell had been a retailer of audio systems. After a thorough survey of audio system markets, Bell decided to turn its retail store into an audio equipment factory. Raw material costs for an audio system will total $75 per unit. Workers on the production lines are on average paid $13 per hour. An audio system usually takes 7 hours to complete. In addition, the rent on the equipment used to assemble audio systems amounts to $5,300 per month. Indirect materials cost $5 per system. A supervisor was hired to oversee production; her monthly salary is $3,900. Factory janitorial costs are $2,300 monthly. Advertising costs for the audio system will be $9,100 per month. The factory building depreciation expense is $7,200 per year. Property taxes on the factory building will be $9,500 per year. Assuming that Bell manufactures, on average, 1,000 audio systems per month, enter each cost item on your answer sheet, placing the dollar amount per month under the appropriate headings. Total the dollar amounts in each of the columns. Product Costs Direct Labor Direct Materials Cost Item Manufacturing Overhead Period Costs Raw materials S $ $ Wages for workers Rent on equipment Indirect materials Factory supervisor's salary Janitorial costs Advertising Depreciation on factory building Property taxes on factory building LINK TO TEXT VIDEO: SIMILAR PROBLEM Compute the cost to produce one audio system. (Round answer to 2 decimal places, e.g. 15.25.) Production cost per system
