Case 2. Book problem. Incomplete manufacturing costs, expenses and selling data for two different cases are shown below: Required: 1. Indicate the missing amount for each letter 2. Prepare a schedule of cost of goods manufactured 3. Prepare a schedule of cost of goods sold 4. Prepare an income statement (Optional)
Question 1.
Case 2. Book problem. Incomplete
Required:
1. Indicate the missing amount for each letter
2. Prepare a schedule of cost of goods manufactured
3. Prepare a schedule of cost of goods sold
4. Prepare an income statement (Optional)
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Case 1 |
Case 2 |
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Raw materials used |
9,600 |
g) |
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Direct labor cost |
5,000 |
8,000 |
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Total Factory overhead |
8,000 |
4,000 |
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Total Manufacturing costs |
a) |
16,000 |
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Beginning work in process inventory |
1,000 |
h) |
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Ending work in process inventory |
b) |
3,000 |
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Sales revenue |
24,500 |
i) |
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Sales discounts |
2,500 |
1,400 |
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Cost of goods manufactured |
17,000 |
24,000 |
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Beginning finished goods inventory |
c) |
3,300 |
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Goods available for sale |
22,000 |
j) |
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Cost of goods sold |
d) |
k) |
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Ending finished goods inventory |
3,400 |
2,500 |
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Gross profit |
e) |
7,000 |
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Operating expenses |
2,500 |
l) |
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Net income |
f) |
5,000 |
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