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.

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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