Question
Incomplete manufacturing costs, expenses, and selling data for two different cases for the year ended December 31, 2022, are as follows. Determine the missing
Incomplete manufacturing costs, expenses, and selling data for two different cases for the year ended December 31, 2022, are as follows. Determine the missing amount for each letter. Direct materials used Direct labor Manufacturing overhead Case 1 2 $10,090 5,350 8,830 8,660 4,690 Total manufacturing costs 17,090 (a) Beginning work in process inventory 1,200 (h). Ending work in process inventory 4,030 (b) Sales revenue 25,180 Sales discounts 2,710 Cost of goods manufactured 17,430 (i) 2,450 22.870 Beginning finished goods inventory Cost of goods available for sale 3,560 (c) 22,830 Cost of goods sold (d) (k) Ending finished goods inventory 4,020 3.560 Gross profit 7,800 (e) Operating expenses 3,170 Net income (1) 5,520 (f) Prepare a condensed cost of goods manufactured schedule for Case 1. CASE 1 Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022 Work in Process, Beginning Direct Materials Direct Labor Manufacturing Overhead Total Manufacturing Costs Total Cost of Work in Process 10,090 5,350 8.830 Less : Work in Process, Ending $ Cost of Goods Manufactured 1.200 24,270 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 $4,020, Receivables (net) $15,680, Raw Materials $660, and Prepaid Expenses $500. (List Current Assets in order of liquidity) > < < CASE 1 Balance Sheet (Partial) ASSETS $
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