Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the...

   
 

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Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount. Case Direct materials used $9,970 Direct labor 5,510 8,320 Manufacturing overhead 9,090 5,070 Total manufacturing costs 16,740 Beginning work in process inventory 2,070 Ending work in process inventory 3,890 Sales revenue 25,510 Sales discounts 2,660 2,320 Cost of goods manufactured 17,160 22,730 Beginning finished goods inventory 3,920 Goods available for sale 22,700 Cost of goods sold Ending finished goods inventory 3,890 3,200 Gross profit 7,160 Operating expenses 3,070 Net income 5,530 Prepare a condensed cost of goods manufactured schedule for Case 1. CASE 1 Cost of Goods Manufactured Schedule Cost of Goods Manufactured Direct Labor $4 Direct Materials Manufacturing Overhead Total Cost of Work in Process Total Manufacturing Costs Work in Process Inventory, Beginning Work in Process Inventory, Ending Cost of Goods Available for Sale Cost of Goods Sold Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Gross Profit Net Income / (Loss) Net Sales $4 Operating Expenses Sales Revenue Sales Discounts VIDEO: SIMILAR PROBLEM Prepare an income statement for Case 1. CASE 1 Income Statement 2$ Cost of Goods Available for Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, Beginning Finished Goods Inventory, Ending $4 Gross Profit Net Income / (Loss) Net Sales Operating Expenses Sales Revenue Sales Discounts Work in Process, Beginning Work in Process, Ending Direct Materials Direct Labor Manufacturing Overhead Total Manufacturing Costs Total Cost of Work in Process 2$ 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 $3,390, Receivables (net) $16,030, Raw Materials $660, and Prepaid Expenses $460. (List Current Assets in order of liquidity.) CASE 1 (Partial) Balance Sheet Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets $ Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount. Case Direct materials used $9,970 Direct labor 5,510 8,320 Manufacturing overhead 9,090 5,070 Total manufacturing costs 16,740 Beginning work in process inventory 2,070 Ending work in process inventory 3,890 Sales revenue 25,510 Sales discounts 2,660 2,320 Cost of goods manufactured 17,160 22,730 Beginning finished goods inventory 3,920 Goods available for sale 22,700 Cost of goods sold Ending finished goods inventory 3,890 3,200 Gross profit 7,160 Operating expenses 3,070 Net income 5,530 Prepare a condensed cost of goods manufactured schedule for Case 1. CASE 1 Cost of Goods Manufactured Schedule Cost of Goods Manufactured Direct Labor $4 Direct Materials Manufacturing Overhead Total Cost of Work in Process Total Manufacturing Costs Work in Process Inventory, Beginning Work in Process Inventory, Ending Cost of Goods Available for Sale Cost of Goods Sold Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Gross Profit Net Income / (Loss) Net Sales $4 Operating Expenses Sales Revenue Sales Discounts VIDEO: SIMILAR PROBLEM Prepare an income statement for Case 1. CASE 1 Income Statement 2$ Cost of Goods Available for Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, Beginning Finished Goods Inventory, Ending $4 Gross Profit Net Income / (Loss) Net Sales Operating Expenses Sales Revenue Sales Discounts Work in Process, Beginning Work in Process, Ending Direct Materials Direct Labor Manufacturing Overhead Total Manufacturing Costs Total Cost of Work in Process 2$ 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 $3,390, Receivables (net) $16,030, Raw Materials $660, and Prepaid Expenses $460. (List Current Assets in order of liquidity.) CASE 1 (Partial) Balance Sheet Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets $ Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity

Answer rating: 100% (QA)

Case Case 1 Case 2 9970 6060 9060 9970 6060 9060 25090 1680 16460 4430 878... View the full answer