Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 19-03A a-c (Video) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter.

Problem 19-03A a-c (Video)

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 $10,010 $

(g)
Direct labor 5,150 8,800
Manufacturing overhead 8,660 4,280
Total manufacturing costs

(a) 16,780
Beginning work in process inventory 1,510

(h)
Ending work in process inventory

(b) 3,630
Sales revenue 25,000

(i)
Sales discounts 2,820 1,710
Cost of goods manufactured 17,980 22,240
Beginning finished goods inventory

(c) 4,250
Goods available for sale 22,370

(j)
Cost of goods sold

(d)

(k)
Ending finished goods inventory 3,750 3,270
Gross profit

(e) 7,330
Operating expenses 2,930

(l)
Net income

(f) 5,770

LINK TO TEXT

Prepare a condensed cost of goods manufactured schedule for Case 1.

CASE 1 Cost of Goods Manufactured Schedule

Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts

$

Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts

$

Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts

Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts

Cost of Goods Manufactured Direct Labor Direct Materials Manufacturing Overhead Total Cost of Work in Process Total Manufacturing Costs Work in Process Inventory, Beginning Work in Process Inventory, Ending Cost of Goods Available for Sale Cost of Goods Sold Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Gross Profit Net Income / (Loss) Net Sales Operating Expenses Sales Revenue Sales Discounts

Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts

AddLess

:

Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts

Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts

$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bookkeeping And Accounting For Beginners

Authors: Warren Piper Ruell

1st Edition

1654626090, 978-1654626099

More Books

Students also viewed these Accounting questions