Question
Indicate the missing amount of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balance sheet.
Indicate the missing amount of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balance sheet. Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows:
Case
1 2
Direct Materials Used $ 6,300 $(g)
Direct Labour $3,000 $4,000
Manufacturing Overhead $6,000 $5,000
Total Manufacturing Costs (a) $ 16,000
Beginning Work in Process Inventory $1,000 (h)
Ending Work in Process Inventory (b) $ 2,000
Sales $22,500 (i)
Sales Discounts $1,500 $1,200
Cost of Goods Manufactured $15,800 $20,000
Beginning Finished Goods Inventory. (c) $5,000
Goods Available for Sale $18,300 (j)
Cost of Goods Sold (d) (k)
Ending Finished Goods Inventory $1,200 $2,500
Gross Profit (e) 6,000
Operating Expenses 2,700 (l)
Net Income (f) 2,200
Instructions
(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 follows: cash $3,000, receivables (net) $10,000, raw materials $700, and prepaid expenses $200.
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