Case 1 Case 2 (in thousands) Accounts receivable, 12/31 Cost of goods sold Accounts payable, 1/1 Accounts payable, 12/31 Finished-goods inventory, 12/31 Gross margin Work-in-process inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 1/1 Direct materials used $8,000 $3,150 A 31,800 4,500 2,550 2,700 2,250 B 7,000 18,000 3,000 1,500 4,700 5,000 7,000 13,000 19,000 Direct manufacturing labor Manufacturing overhead costs 4,500 8,500 9,500 D Purchases of direct materials 13,500 10,500 Revenues 52,000 52,300 Accounts receivable, 1/1 3,000 2,100

Case 1 Case 2 (in thousands) Accounts receivable, 12/31 Cost of goods sold Accounts payable, 1/1 Accounts payable, 12/31 Finished-goods inventory, 12/31 Gross margin Work-in-process inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 1/1 Direct materials used $8,000 $3,150 A 31,800 4,500 2,550 2,700 2,250 B 7,000 18,000 3,000 1,500 4,700 5,000 7,000 13,000 19,000 Direct manufacturing labor Manufacturing overhead costs 4,500 8,500 9,500 D Purchases of direct materials 13,500 10,500 Revenues 52,000 52,300 Accounts receivable, 1/1 3,000 2,100

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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