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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Determine the missing amounts in each of the following independent cases.
Net income, case A: $110,000

Transcribed Image Text: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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 6 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education