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Problem 14-03A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter. Case 1
Problem 14-03A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter. Case 1 2 Direct materials used $9,700 $ Direct labor Manufacturing overhead 5,100 8,900 (g) 8,170 4,130 Total manufacturing costs 16,310 (a) Beginning work in process inventory 1,240 (h) Ending work in process inventory 3,980 (b) Sales revenue 25,680 Sales discounts Cost of goods manufactured 2,910 17,830 (1) 1,500 22,980 Beginning finished goods inventory (c) 3,550 Goods available for sale 22,390 (j) Cost of goods sold (d) 3,750 (k) 3,340 Ending finished goods inventory Gross profit 7,320 (e) Operating expenses 3,200 (1) Net income 5,190 (f) 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 $3,640, Receivables (net) $16,100, Raw Materials $660, and Prepaid Expenses $450. (List Current Assets in order of liquidity.) CASE 1 (Partial) Balance Sheet $
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