Incomplete manufacturing costs, expenses, and selling data for two

Direct   materials used
$9,600
$
 
Direct   labor
5,000
8,000
 
Manufacturing   overhead
8,000
4,000
 
Total   manufacturing costs

16,000
 
Beginning   work in process inventory
1,000

 
Ending   work in process inventory

3,000
 
Sales   revenue
24,500

 
Sales   discounts
2,500
1,400
 
Cost of   goods manufactured
17,000
22,000
 
Beginning   finished goods inventory

3,300
 
Goods   available for sale
20,000

 
Cost of   goods sold

 
Ending   finished goods inventory
3,400
2,500
 
Gross   profit

7,000
 
Operating   expenses
2,500

 
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.

Incomplete manufacturing costs, expenses, and selling data for two

Direct   materials used
$9,600
$
 
Direct   labor
5,000
8,000
 
Manufacturing   overhead
8,000
4,000
 
Total   manufacturing costs

16,000
 
Beginning   work in process inventory
1,000

 
Ending   work in process inventory

3,000
 
Sales   revenue
24,500

 
Sales   discounts
2,500
1,400
 
Cost of   goods manufactured
17,000
22,000
 
Beginning   finished goods inventory

3,300
 
Goods   available for sale
20,000

 
Cost of   goods sold

 
Ending   finished goods inventory
3,400
2,500
 
Gross   profit

7,000
 
Operating   expenses
2,500

 
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.

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