Incomplete manufacturing costs, expenses, and selling data for two

     

Direct   materials used

$9,600

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

Direct   labor

5,000

8,000

 

Manufacturing   overhead

8,000

4,000

 

Total   manufacturing costs

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16,000

 

Beginning   work in process inventory

1,000

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Ending   work in process inventory

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3,000

 

Sales   revenue

24,500

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Sales   discounts

2,500

1,400

 

Cost of   goods manufactured

17,000

22,000

 

Beginning   finished goods inventory

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3,300

 

Goods   available for sale

20,000

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Cost of   goods sold

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Ending   finished goods inventory

3,400

2,500

 

Gross   profit

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7,000

 

Operating   expenses

2,500

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Net income

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5,000

  

b) Prepare a condensed cost of goods manaufactures schdule ffor Case1

c1) Prepare an Income statement for Case 1

c2) Prepare the current assets section of the balance sheet for Case1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600 and Prepaid Expenses $400.

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