All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . . . . . . . . . . . . . . . . 15,000 7,000 19,000Ending work in process . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 11,000 16,000Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . $ ? 266,000 $ ?Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ? 410,000 $ ?Beginning fi nished goods inventory . . . . . . . . . . . . . . . . $ 30,000 ? 61,000Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . ? 266,000 ?Cost of goods available for sale . . . . . . . . . . . . . . . . . . . ? 303,000 761,000Ending fi nished goods inventory . . . . . . . . . . . . . . . . . . 50,000 ? 48,000Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? 273,000 ?Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,000 ? 198,000Selling, general, and administrative expenses . . . . . . . . 68,000 ? ?Income from operations. . . . . . . . . . . . . . . . . . . . . . . . . $ ? 32,000 $ 89,000
All applicable Cases are available with McGraw-Hill’s Connect™
Accounting. Cost of goods
Firm A Firm B Firm C
Beginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000
Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000
Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?
Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000
Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?
Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000
Variable manufacturing
Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?
Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?
Beginning work in process. . . . . . . . . . . . . . . . . . . . . . . 15,000 7,000 19,000
Ending work in process . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 11,000 16,000
Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . $ ? 266,000 $ ?
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ ? 410,000 $ ?
Beginning fi nished goods inventory . . . . . . . . . . . . . . . . $ 30,000 ? 61,000
Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . ? 266,000 ?
Cost of goods available for sale . . . . . . . . . . . . . . . . . . . ? 303,000 761,000
Ending fi nished goods inventory . . . . . . . . . . . . . . . . . . 50,000 ? 48,000
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? 273,000 ?
Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,000 ? 198,000
Selling, general, and administrative expenses . . . . . . . . 68,000 ? ?
Income from operations. . . . . . . . . . . . . . . . . . . . . . . . . $ ? 32,000 $ 89,000
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