Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.(a)Indicate the missing amount for each letter.Direct materials usedDirect laborManufacturing overheadCost of goods manufacturedBeginning finished goods inventoryGoods available for saleCost of goods soldEnding finished goods inventoryGross profitOperating expensesCaseNet income1$9,600Total manufacturing costsBeginning work in process inventory 1,000Ending work in process inventorySales revenueSales discounts5,0008,00024,5002,50017,00020,0003,4002,5002$8,0004,00016,0003,0001,40022,0003,3002,5007,0005,000b) Prepare a condensed cost of goods manaufactures schdule ffor Caselc1) Prepare an Income statement for Case 1c2) Prepare the current assets section of the balance sheet for Case1. Assume that in Case 1 the other items in the currentassets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600 and Prepaid Expenses $400.

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Description: Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.(a)Indicate the missing amount for each letter.Direct materials usedDirect laborManufacturing overheadCost of goods manufacturedBeginning finished good

Cost of goods manufactured -The cost of goods manufactured is calculated as follows -Total…

Business

Accounting

Net income 5,000 b) Prepare a condensed cost of goods manaufactures schdule ffor Case1 c1) Prepare an Income statement for Case 1 c2) Prepare the current assets section of the balance sheet for Case1. 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.

Net income 5,000 b) Prepare a condensed cost of goods manaufactures schdule ffor Case1 c1) Prepare an Income statement for Case 1 c2) Prepare the current assets section of the balance sheet for Case1. 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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