Prepare an income statement for case

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Reference no: EM131839651

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.

A-Indicate the missing amount.

	Case
		1	2
Direct materials used		$9,720	$
Direct labor		5,520	8,650
Manufacturing overhead		8,490	4,540
Total manufacturing costs			16,720
Beginning work in process inventory		1,180
Ending work in process inventory			3,360
Sales revenue		25,090
Sales discounts		2,740	2,180
Cost of goods manufactured		17,650	22,220
Beginning finished goods inventory			4,150
Goods available for sale		22,560
Cost of goods sold
Ending finished goods inventory		3,910	3,200
Gross profit			7,820
Operating expenses		3,080
Net income			6,060

B-Prepare a condensed cost of goods manufactured schedule for Case 1.

CASE 1

Cost of Goods Manufactured Schedule

C-Prepare an income statement for Case 1.

CASE 1

Income Statement

D-Prepare 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 $3,870, Receivables (net) $15,490, Raw Materials $710, and Prepaid Expenses $460

CASE 1

(Partial) Balance Sheet

Reference no: EM131839651

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