Question
P1-3A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) DM $75,000 DL $58,000 MO $22,100 PC $25,100 Margin
P1-3A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) DM $75,000 DL $58,000 MO $22,100 PC $25,100 Margin check figures provide key numbers to confirm that you are on the right track. Classify manufacturing costs into different categories and compute the unit cost. (LO 2), AP (a) DM$111,000 DL $ 90,000 MO$ 18,100 PC $ 9,500 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. (LO 3), AN Case 12 Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts 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 Instructions $ 9,600 5,000 8,000 (a) 1,000 (b) 24,500 2,500 17,000 (c) 22,000 (d) 3,400 (e) 2,500 (f) $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 24,000 3,300 (j) (k) 2,500 7,000 (l) 5,000 (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) $15,000, Raw Materials $600, and Prepaid Expenses $400.
P1-3A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows Case 2 Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods invent Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income $9,600 5,000 8,000 $ (g) 8,000 4,000 16,000 1,000 3,000 24,500 2,500 17,000 1,400 24,000 3,300 ory 22,000 3,400 2,500 2,500 7,000 5,000 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) $15,000, Raw Materials $600, and Prepaid Expenses $400Step by Step Solution
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