P1-3A Incomplete manufacturing costs, expenses, and selling data for two different casesare as follows.e,Case1Direct materials used$ 9,6005,0008,000(a)1,000(b)24,5002,50017,000(c)20,000(d)3,400(e)2,500(f)$ (g)8,0004,00016,000(h)3,000(i)1,40022,0003,300(G)(k)2,5007,000(1)5,000Direct laborManufacturing overheadTotal manufacturing costsBeginning work in process inventoryEnding work in process inventorySales revenueSales discountsCost of goods manufacturedBeginning finished goods inventoryGoods available for saleCost of goods soldEnding finished goods inventoryGross profitOperating expensesNet incomeInstructions(a) Indicate the missing amount for each letter.(b) Prepare a condensed cost of goods manufactured schedule for Case 1.(c) Prepare an income statement and the current assets section of the balance sheet forCase 1. Assume that in Case 1 the other items in the current assets section are asfollows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600, and PrepaidExpenses $400.

Income statement is prepared to know the financial position of an organisation. It is also popularly…

Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (c) Prepare an income statement and the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $400.

Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (c) Prepare an income statement and the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $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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