Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.Incomplete manufacturing costs, expenses, and sellIncomplete manufacturing costs, expenses, and sell Collapse question part(a) Indicate the missing amount for each letter.Case 1 2Direct materials used $9,600 $Direct labor 5,000 8,000 Manufacturing overhead 8,000 4,000 Total manufacturing costs 16,000 Beginning work in process 1,000 inventoryEnding work in process inventory 3,000 Sales revenue 24,500 Sales discounts 2,500 1,400 Cost of goods manufactured 17,000 22,000 Beginning finished goods inventory 3,300 Goods available for sale 20,000 Cost of goods sold Ending finished goods inventory 3,400 2,500 Gross profit 7,000 Operating expenses 2,500 Net income 5,000b) Prepare a condensed cost of goods manaufactures schdule ffor Case1c1) Prepare an Income statement for Case 1c2) 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.

Question

01-09-2020
Business

contestada

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.Incomplete manufacturing costs, expenses, and sellIncomplete manufacturing costs, expenses, and sell Collapse question part(a) Indicate the missing amount for each letter.Case 1 2Direct materials used $9,600 $Direct labor 5,000 8,000 Manufacturing overhead 8,000 4,000 Total manufacturing costs 16,000 Beginning work in process 1,000 inventoryEnding work in process inventory 3,000 Sales revenue 24,500 Sales discounts 2,500 1,400 Cost of goods manufactured 17,000 22,000 Beginning finished goods inventory 3,300 Goods available for sale 20,000 Cost of goods sold Ending finished goods inventory 3,400 2,500 Gross profit 7,000 Operating expenses 2,500 Net income 5,000b) Prepare a condensed cost of goods manaufactures schdule ffor Case1c1) Prepare an Income statement for Case 1c2) 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.

Respuesta :

Otras preguntas

which sequences are arithmetic?. –5, 5, –5, 5, –5, … 96, 48, 24, 12, 6 18, 5.5, –7, –19.5, –32, … –1, –3, –9, –27, –81, … 16, 32, 48, 64, 80

The area of a rectangle is 240 in squared. the ratio of the length to the width is 5 : 3. find the length and the width.

Students from minority populations are overrepresented in special education. how can teachers better meet the needs of students with disabilities who are from c

Which of these could be a reason why teens are more easily addicted to tobacco than adults? Teens naturally have higher amounts of dopamine than adults. Acetal

Linda and Colleen both leave the library at the same time, but in opposite direction. If Colleen travels 8mph faster than Linda and after 8 hours they are 176 m

Angie hit the back of her head and now she has difficulty walking. her doctor found that her spinal cord is intact but her __________ is damaged.

People infected with stds often do not realize they have an infection because many stds can be __________.

Please help me with #25

A manufacturing process has a 70% yield, meaning that 70% of the products are acceptable and 30% are defective. if three of the products are randomly selected,

Eugenio is talking about what he used to do when he was a child. Write the appropriate vocabulary word or words that match the meanings of the underlined words.

anthougo anthougo · Answer 1 · 2020-09-03T09:16:52+02:00

Answer:

a. Incomplete Manufacturing Costs:

Case 1 Case 2

Direct materials used $9,600 $ 4,000

Direct labor 5,000 8,000

Manufacturing overhead 8,000 4,000

Total manufacturing costs 22,600 16,000

Beginning work in process inventory 1,000 9,000

Ending work in process inventory 6,600 3,000

Sales revenue 24,500 30,900

Sales discounts 2,500 1,400

Cost of goods manufactured 17,000 22,000

Beginning finished goods inventory 3,000 3,000

Goods available for sale 20,000 25,000

Cost of goods sold 16,600 22,500

Ending finished goods in inventory 3,400 2,500

Gross profit 5,400 7,000

Operating expenses 2,500 2,000

Net Income 2,900 5,000

b. Condensed cost of goods manufactured schedule for Case 1:

Direct materials used $9,600

Direct labor 5,000

Manufacturing overhead 8,000

Total manufacturing costs 22,600

Beginning WIP inventory 1,000

Ending WIP inventory 6,600

Cost of goods manufactured $17,000

c1. Income Statement for Case 1:

Sales Revenue, net $22,000

Cost of goods sold 16,600

Gross profit $5,400

Operating expenses 2,500

Net income $2,900

c2. Current Assets Section of the Balance Sheet for Case 1:

Cash $4,000

Receivables (net) 15,000

Inventory: Raw materials 600

WIP 6,600

Finished Goods 3,400

Prepaid Expenses 400

Total current assets $30,000

Explanation:

Data for incomplete manufacturing costs, including the income statement can be prepared by working back and forth with the provided figures. The missing figures are provided in bold font as above.