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P1-3A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case 1 Direct materials used Direct labor $ 9,600 5,000 8,000 (a) 1,000 (Ь) 24,500 2,500 17,000 (c) 20,000 (d) 3,400 (e) 2,500 (f) $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 22,000 3,300 G) (k) 2,500 Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income 7,000 (1) 5,000 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.

P1-3A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case 1 Direct materials used Direct labor $ 9,600 5,000 8,000 (a) 1,000 (Ь) 24,500 2,500 17,000 (c) 20,000 (d) 3,400 (e) 2,500 (f) $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 22,000 3,300 G) (k) 2,500 Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income 7,000 (1) 5,000 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.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...
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Indicate the missing amount of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balance sheet. P1-3AIncomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case 1 Direct materials used $ 9,600 5,000 8,000 (a) 1,000 (b) 24,500 2,500 17,000 (c) 20,000 (d) 3,400 (e) 2,500 (f) (LO 5, 6, 7), AN $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 22,000 3,300 Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income (k) 2,500 7,000 (1) 5,000 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. (b) Ending WIP $ 6,600 (c) Current assets $30,000 Prenars
Transcribed Image Text:Indicate the missing amount of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balance sheet. P1-3AIncomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case 1 Direct materials used $ 9,600 5,000 8,000 (a) 1,000 (b) 24,500 2,500 17,000 (c) 20,000 (d) 3,400 (e) 2,500 (f) (LO 5, 6, 7), AN $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 22,000 3,300 Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income (k) 2,500 7,000 (1) 5,000 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. (b) Ending WIP $ 6,600 (c) Current assets $30,000 Prenars
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