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Incomplete manufacturing costs, expenses, and selling data for 2 different cases are as follows: Direct materials Direct labor Manufacturing overhead Total manufacturing costs Beginning work
Incomplete manufacturing costs, expenses, and selling data for 2 different cases are as follows: Direct materials Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales Revenue Sales discount 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 1 $ 19,200 10,000 16,000 (a) 2,000 (b) 47,000 5,000 34,000 (c) 40,000 (d) 6,800 le) 5,000 (f) Case 2 Sle) 16,000 8,000 32,000 (h) 6,000 (1) 2,800 44,000 6,600 6) (k) 5,000 14,000 0 10,000 Required: 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 follow: Cash $4,000, Receivables (net) $15,000, Raw materials $600, and prepaid expenses $400
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