Question
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount. Case 1 2 Direct materials used $10,050
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount. Case 1 2 Direct materials used $10,050 $ Direct labor 5,870 8,150 Manufacturing overhead 8,620 4,820 Total manufacturing costs 16,130 Beginning work in process inventory 1,270 Ending work in process inventory 3,200 Sales revenue 25,080 Sales discounts 2,840 2,130 Cost of goods manufactured 17,740 22,680 Beginning finished goods inventory 4,020 Goods available for sale 23,020 Cost of goods sold Ending finished goods inventory 4,390 3,180 Gross profit 7,670 Operating expenses 2,990 Net income 5,400 LINK TO TEXT Prepare a condensed cost of goods manufactured schedule for Case 1. Prepare an income statement for Case 1 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 $3,870, Receivables (net) $15,550, Raw Materials $660, and Prepaid Expenses $500.
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