Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.(a)Indicate the missing amount for each letter.Case2Direct materials used$9,700%24Direct labor5,1008,100Manufacturing overhead8,4004,100Total manufacturing costs(a)16,100Beginning workin process inventory1,100(h)Ending work in process inventory(b)3,100Sales revenue25,000(1)Sales discounts2,6001,500Cost of goods manufactured17,10022,100Beginning finished goods inventory(c)3,400 Sales discounts2,6001,500Cost of goods manufactured17,10022,100Beginning finished goods inventory(c)3,400Goods available for sale22,100(6)Cost of goods sold(d)(k)Ending finished goods inventory3,5002,600Gross profit7,100Operating expenses2,800Net income5,100

An income statement shows the company's financial performance during the year. When a company take…

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning work in process inventory 1,100 (h) Ending workin process inventory (b) 3,100 Sales revenue 25,000 Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory 3,400

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning work in process inventory 1,100 (h) Ending workin process inventory (b) 3,100 Sales revenue 25,000 Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory 3,400

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

100%

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
(a)
Indicate the missing amount for each letter.
Case
2
Direct materials used
$9,700
%24
Direct labor
5,100
8,100
Manufacturing overhead
8,400
4,100
Total manufacturing costs
(a)
16,100
Beginning workin process inventory
1,100
(h)
Ending work in process inventory
(b)
3,100
Sales revenue
25,000
(1)
Sales discounts
2,600
1,500
Cost of goods manufactured
17,100
22,100
Beginning finished goods inventory
(c)
3,400

Sales discounts
2,600
1,500
Cost of goods manufactured
17,100
22,100
Beginning finished goods inventory
(c)
3,400
Goods available for sale
22,100
(6)
Cost of goods sold
(d)
(k)
Ending finished goods inventory
3,500
2,600
Gross profit
7,100
Operating expenses
2,800
Net income
5,100

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