Indicate the missing amount for each letter. Case 1 2Direct materials used $9,790 $ (g)Direct labor 6,000 9,000 Manufacturing overhead 8,780 4,530 Total manufacturing costs (a) 16,330 Beginning work in process inventory 1,660 (h)Ending work in process inventory (b) 3,980 Sales revenue 25,890 (i)Sales discounts 2,990 1,790 Cost of goods manufactured 17,270 23,050 Beginning finished goods inventory (c) 4,050 Goods available for sale 22,180 (j)Cost of goods sold (d) (k)Ending finished goods inventory 4,020 2,810 Gross profit (e) 7,800 Operating expenses 3,170 (l)Net income (f) 5,240 Prepare a condensed cost of goods manufactured schedule for Case 1.CASE 1Cost of Goods Manufactured Schedule Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts $ Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts $ Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts Cost of Goods Manufactured Direct Labor Direct Materials Manufacturing Overhead Total Cost of Work in Process Total Manufacturing Costs Work in Process Inventory, Beginning Work in Process Inventory, Ending Cost of Goods Available for Sale Cost of Goods Sold Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Gross Profit Net Income / (Loss) Net Sales Operating Expenses Sales Revenue Sales Discounts Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts AddLess: Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts $

Cost of goods manufactured is the cost incurred to produce the goods in the production department.

Answered: Indicate the missing amount for each…

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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Question

Indicate the missing amount for each letter.

	Case
	1		2
Direct materials used	$9,790			$	(g)
Direct labor	6,000			9,000
Manufacturing overhead	8,780			4,530
Total manufacturing costs		(a)		16,330
Beginning work in process inventory	1,660				(h)
Ending work in process inventory		(b)		3,980
Sales revenue	25,890				(i)
Sales discounts	2,990			1,790
Cost of goods manufactured	17,270			23,050
Beginning finished goods inventory		(c)		4,050
Goods available for sale	22,180				(j)
Cost of goods sold		(d)			(k)
Ending finished goods inventory	4,020			2,810
Gross profit		(e)		7,800
Operating expenses	3,170				(l)
Net income		(f)		5,240

Prepare a condensed cost of goods manufactured schedule for Case 1.

CASE 1 Cost of Goods Manufactured Schedule
Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts		$
Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts	$
Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts
Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts
Cost of Goods Manufactured Direct Labor Direct Materials Manufacturing Overhead Total Cost of Work in Process Total Manufacturing Costs Work in Process Inventory, Beginning Work in Process Inventory, Ending Cost of Goods Available for Sale Cost of Goods Sold Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Gross Profit Net Income / (Loss) Net Sales Operating Expenses Sales Revenue Sales Discounts
Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts
AddLess : Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts
Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process Inventory, BeginningWork in Process Inventory, EndingCost of Goods Available for SaleCost of Goods SoldFinished Goods Inventory, BeginningFinished Goods Inventory, EndingGross ProfitNet Income / (Loss)Net SalesOperating ExpensesSales RevenueSales Discounts		$

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