Question
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter. Case 1 2 Direct
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
Indicate the missing amount for each letter.
Case | ||||||
1 | 2 | |||||
Direct materials used | $9,700 | $ 4,010 | (g) | |||
Direct labor | 5,100 | 8,170 | ||||
Manufacturing overhead | 8,900 | 4,130 | ||||
Total manufacturing costs | 23,700 | (a) | 16,310 | |||
Beginning work in process inventory | 1,240 | 10,650 | (h) | |||
Ending work in process inventory | 7,110 | (b) | 3,980 | |||
Sales revenue | 25,680 | 32,010 | (i) | |||
Sales discounts | 2,910 | 1,500 | ||||
Cost of goods manufactured | 17,830 | 22,980 | ||||
Beginning finished goods inventory | 4,560 | (c) | 3,550 | |||
Goods available for sale | 22,390 | 26,530 | (j) | |||
Cost of goods sold | 18,640 | (d) | 23,190 | (k) | ||
Ending finished goods inventory | 3,750 | 3,340 | ||||
Gross profit | 4,130 | (e) | 7,320 | |||
Operating expenses | 3,200 | 2,130 | (l) | |||
Net income | 930 | (f) | 5,190 |
c) 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 $3,640, Receivables (net) $16,100, Raw Materials $660, and Prepaid Expenses $450. (List Current Assets in order of liquidity.)
I only need help with Case 1 Partial balance sheet. Thank you, so much!
CASE 1 (Partial) Balance Sheet
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