Chapter 13, Problem 13.29C

Case 13.29

LO 4, 5, 7

Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:

	Firm A	Firm B	Firm C
Beginning raw materials inventory	$

17,000$ ?$42,000 Purchases of raw materials during the year ? 96,000 226,000 Raw materials available for use ? 119,000 ? Ending raw materials inventory 12,000 ? 51,000 Cost of raw materials used 90,000 101,000 ? Direct labor costs incurred 130,000 ? 318,000 Variable manufacturing overhead applied ? 34,000 72,000 Fixed manufacturing overhead applied 100,000 60,000 ? Total manufacturing costs incurred 370,000 ? ? Beginning work in process 15,000 7,000 19,000 Ending work in process 25,000 11,000 16,000 Cost of goods manufactured $ ? $266,000 $ ? Sales $ ? $410,000 $ ? Beginning finished goods inventory 30,000 ? 61,000 Cost of goods manufactured ? 266,000 ? Cost of goods available for sale ? 303,000 761,000 Ending finished goods inventory 50,000 ? 48,000 Cost of goods sold ? 273,000 ? Gross profit 140,000 ? 198,000 Selling, general, and administrative expenses 68,000 ? ? Income from operations $ ? $ 32,000 $ 89,000