Case A Case B Case C Beginning inventory, raw material ? $20,000 $15,000 Ending inventory, raw material $90,000 ? $30,000 Purchases of raw material 100,000 85,000 ? ... Direct material 70,000 95,000 Direct labor ? 100,000 125,000 Manufacturing overhead 250,000 ? 160,000 Total manufacturing costs 520,000 345,000 340,000 Beginning inventory, work in process 35,000 20,000 ? Ending inventory, work in process ? 35,000 5,000 Cost of goods manufactured 525,000 ? 350,000 Beginning inventory, finished goods 50,000 40,000 ? Cost of goods available for sale ? 370,000 Ending inventory, finished goods ? ? 25,000 Cost of goods sold 545,000 330,000 ? Sales . ? ? 480,000 Gross margin 255,000 170,000 ? Selling and administrative expenses ? 75,000 Income before taxes 150,000 90,000 Income tax expense 40,000 45,000 ? Net income ? 55,000

Case A Case B Case C Beginning inventory, raw material ? $20,000 $15,000 Ending inventory, raw material $90,000 ? $30,000 Purchases of raw material 100,000 85,000 ? ... Direct material 70,000 95,000 Direct labor ? 100,000 125,000 Manufacturing overhead 250,000 ? 160,000 Total manufacturing costs 520,000 345,000 340,000 Beginning inventory, work in process 35,000 20,000 ? Ending inventory, work in process ? 35,000 5,000 Cost of goods manufactured 525,000 ? 350,000 Beginning inventory, finished goods 50,000 40,000 ? Cost of goods available for sale ? 370,000 Ending inventory, finished goods ? ? 25,000 Cost of goods sold 545,000 330,000 ? Sales . ? ? 480,000 Gross margin 255,000 170,000 ? Selling and administrative expenses ? 75,000 Income before taxes 150,000 90,000 Income tax expense 40,000 45,000 ? Net income ? 55,000

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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