Question
P1-3C Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case A B Direct Materials Used $ 6,025 (g) Direct
P1-3C Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case A B Direct Materials Used $ 6,025 (g) Direct Labor 3,000 $ 3,800 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 Revenue 22,500 (i) Sales Discounts 1,770 1,300 Cost of Goods Manufactured 14,600 20,000 Beginning Finished Goods Inventory (c) 4,000 Goods Available for Sale 18,300 (j) Cost of Goods Sold (d) (k) Ending Finished Goods Inventory 1,770 2,500 Gross Profit (e) 6,000 Operating Expenses 2,700 (l) Net Income (f) 1,895 Instructions (a) Indicate the missing amount for each letter. (b) Prepare condensed cost of goods manufactured schedule for Case A. (c) Prepare income statement and the current assets section of the balance sheet for Case A. Assume that in Case A the other items in the current assets section are as follows: Cash $4,200, Receivables (net) $11,000, Raw Materials $700, and Prepaid Expenses $200.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started