Case 2 Direct materials used $9,700 3900 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs 23200 16.100 (a) Beginning work in process inventory 1,100 Ending work in pros inventory 7200 9100 (h) 3,100 (b) Sales revenue 25,000 Sales discounts 2,600 Cost of goods manufactured 17.100 Beginning finished goods inventory 5000 31500 (i) 1.500 22.100 3,400 (c) Cost of goods available for sale 22,100 25500 (3) Cost of goods sold 18600 22900 (d) (k). Ending finished goods inventory 3.500 2.600 Ending finished goods inventory Gross profit E Operating expenses Net income 3,500 P 3800 (e) 2,800 2,600 7,100 (k) 2000 (1) 1000 5,100 (f) Sales Revenue Less : Sales Discounts Net Sales Cost of Goods Available for Sale Finished Goods Inventory. Beginning Cost of Goods Manufactured v Finished Goods Inventory, Ending Less : Cost of Goods Sold Gross Profit CASE 1 Income Statement 2/3 Finished Goods Inventory, Beginning v Cost of Goods Manufactured Finished Goods Inventory, Ending Less : Cost of Goods Sold Gross Profit > > Prepare the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets Balance Sheet (Partial) ASSETS $