Case 1 2 Direct materials used $ 9,840 A 3,300 (g) Direct labor 5,350 9,020 Manufacturing overhead 8,670 4,380 Total manufacturing costs 23,860 (a) 16,700 Beginning work in process inventory 1,840 9,530 (h) Ending work in process inventory 8,120 (b) 4,000 Sales revenue 25,790 31,470 (0) 2,660 1.680 Sales discounts Cost of goods manufactured 17.580 22,230 Beginning finished goods inventory 5.120 (c) 3,570 Cost of goods available for sale 22.700 25,800 G) Cost of goods manufactured 17,580 22,230 Beginning finished goods inventory 5,120 (c) 3,570 Cost of goods available for sale 22,700 25,800 (1) Cost of goods sold 18,770 22.580 (d) (k) Ending finished goods inventory 3,930 3,220 Gross profit 4,360 (e) 7,210 Operating expenses 3,270 1,760 (0) Net income 1,090 (1) 5,450 CASE 1 Income Statement ad 0 Prepare the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $ 3,890, Receivables (net) $ 15,480, Raw Materials $ 700, and Prepaid Expenses $ 480 (List Current Assets in order of liquidity) CASE 1 Balance Sheet (Partial) ASSETS Question 2 of 4 16.67 / 25 Balance Sheet (Partial) ASSETS $ $