Management Accounting

PROBLEM 2-25 Working with Incomplete Data from the Income Statement and Schedule of Cost of Goods Manufactured [L04, L05] Supply the missing data in the following cases. Each case is independent of the others. Case 2 3 $4,500 ? $5,000 $18,500 $2,500 ? $18,000 $6,000 $3,000 $4,000 ? ? $1,000 $14,000 $5,000 $7,000 ? $20,000 $3,000 $4,000 ? $3,000 $4,000 $9,000 ? ? $3,000 ? Schedule of Cost of Goods Manufactured Direct materials Direct labor.... Manufacturing overhead Total manufacturing costs Beginning work in process inventory. Ending work in process inventory Cost of goods manufactured Income Statement Sales .. Beginning finished goods inventory Cost of goods manufactured Goods available for sale... Ending finished goods inventory Cost of goods sold... Gross margin Selling and administrative expenses Net operating income. $30,000 $1,000 $18,000 ? ? $17,000 $13,000 ? $4,000 $21,000 $36,000 $2,500 ? $14,000 ? ? ? $1,500 $4,000 ? $18,500 ? $17.500 $3,500 ? ? $5,000 $40,000 $2,000 $17,500 ? $3,500 ? ? ? $9,000 excel PROBLEM 2-24 Income Statement; Schedule of Cost of Goods Manufactured LO2, L03, L04, L05] Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year. 29,000 ? ? $1,300,000 Production in units Sales in units Ending finished goods inventory in units Sales in dollars Costs: Direct labor. Raw materials purchased Manufacturing overhead Selling and administrative expenses $90,000 $480,000 $300,000 $380,000 Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $20,000 $50,000 $0 $30,000 $40,000 ? Managerial Accounting and Cost Concepts 71 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit. Required: 1. Prepare a schedule of cost of goods manufactured for the year Compute the following: The number of units in the finished goods inventory at the end of the year. The cost of the units in the finished goods inventory at the end of the year. 3. Prepare an income statement for the year. 2. a. b