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Question - Incomplete manufacturing costs, expenses, and selling data for two different cases for the year ended December 31, 2022, are as follows.
Case
1
2
Direct materials used
$9,890
$3360
(g)
Direct labor
5,670
8,450
Manufacturing overhead
8,640
5,100
Total manufacturing costs
24,200
(a)
16,910
Beginning work in process inventory
1,370
9,240
(h)
Ending work in process inventory
7,740
(b)
3,750
Sales revenue
25,110
31,950
(i)
Sales discounts
2,770
1,990
Cost of goods manufactured
17,830
22,400
Beginning finished goods inventory
4,910
(c)
3,590
Cost of goods available for sale
22,740
25,990
(j)
Cost of goods sold
18,540
(d)
22,620
(k)
Ending finished goods inventory
4,200
3,370
Gross profit
3,800
(e)
7,340
Operating expenses
2,810
1,760
(l)
Net income
990
(f)
5,580
Required -
(a) Determine the missing amount for each letter.
(b) Make a condensed cost of goods manufactured schedule for Case 1.
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Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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