15 Basic cost flows, income statement LO4,5 Business managers frequently operate in a world where data are not readily available Imagine a situation in which a company experiences a catastrophic event (for example a hurricane flood or fire) and must reconstruct its accounting data Consider the folowing independent situations in which selected data are missing Company 1 9000 4000 11000 Company 2 $19000 14000 Direct materials used Direct labour Manufacturing overhead Total manufacturing costs Beginning work in process Ending work in process Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory10000 Cost of goods sold Gross margin Selling and administrative expenses Net income 35000 11 000 13500 6000 $21000 ? 35000 7000 50000 14000 S$25000 7000 15500 Required a Supply the missing data for each independent situation. b Prepare an income statement for each independent situation