Indicate missing amount for case 1 Case1Direct materials used$ 9,600$ (g)Direct labor5,0008,0008,0004,000Manufacturing overheadTotal manufacturing costsBeginning work in process inventoryEnding work in process inventory(a)1,00016,000(h)(b)24,5003,000(i)Sales revenueSales discounts2,50017,0001,40024,000Cost of goods manufacturedBeginning finished goods inventoryCost of goods available for saleCost of goods soldEnding finished goods inventoryGross profitOperating expenses(c)22,0003,300(d)3,400(j)(k)2,500(e)2,5007,000(1)5,000Net income(f)

Total manufacturing costs can be calculated by adding the direct material used, direct labor, and…

1 Direct materials used $ 9,600 Direct labor 5,000 Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue 8,000 (a) 1,000 (b) 24,500 Sales discounts 2,500 Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses 17,000 (c) 22,000 (d) 3,400 (e) 2,500 Net income (f)

1 Direct materials used $ 9,600 Direct labor 5,000 Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue 8,000 (a) 1,000 (b) 24,500 Sales discounts 2,500 Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses 17,000 (c) 22,000 (d) 3,400 (e) 2,500 Net income (f)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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