PROBLEM 1–22A Working with Incomplete Data from the Income Statement and Schedule of Cost of Goods Manufactured [ LO4 , LO5 ]

Supply the missing data in the following cases. Each case is independent of the others.

Case 1 2 3 Schedule of Cost of Goods Manufactured Direct materials.... $4,500 $6,000 $5,000 $3,000 Direct labor........ ? $3,000 $7,000 $4,000 Manufacturing overhead... $5,000 $4,000 ? $9,000 Total manufacturing costs $18,500 ? $20,000 ? Beginning work in process inventory. $2,500 ? $3,000 ? Ending work in process inventory.. ? $1,000 $4,000 $3,000 Cost of goods manufactured... $18,000 $14,000 ? ? Income Statement Sales...... $30,000 $21,000 $36,000 $40,000 Beginning finished goods inventory.. $1,000 $2,500 ? $2,000 Cost of goods manufactured. $18,000 $14,000 ? $17,500 Goods available for sale....... ? ? ? ? Ending finished goods inventory.. ? $1,500 $4,000 $3,500 Cost of goods sold.. $17,000 ? $18,500 ? Gross margin....... $13,000 ? $17,500 ? Selling and administrative expenses. ? $3,500 ? ? Net operating income $4,000 ? $5,000 $9,000