Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. .:.
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.
SOLUTION:
(a) Case 1
A = $9,600 + $5,000 + $8,000 = $22,600
$22,600 + $1,000 – B = $17,000
B = $22,600 + $1,000 – $17,000 = $6,600
$17,000 + C = $20,000
C = $20,000 – $17,000 = $3,000
D = $20,000 – $3,400 = $16,600
E = ($24,500 – $2,500) – $16,600 = $5,400 F = $5,400 – $2,500 = $2,900 Case 2
G + $8,000 + $4,000 = $16,000
G = $16,000 – $8,000 – $4,000 = $4,000
$16,000 + H – $3,000 = $22,000
H = $22,000 + $3,000 – $16,000 = $9,000
(I – $1,400) – K = $7,000
(I – $1,400) – $22,800 = $7,000
I = $1,400 + $22,800 + $7,000 = $31,200
(Note: Item I can only be solved after item K is solved.)
J = $22,000 + $3,300 = $25,300
K = $25,300 – $2,500 = $22,800
$7,000 – L = $5,000
L = $2,000 (b) CASE 1
Cost of Goods Manufactured Schedule
Work in process, beginning.............................................................. $ 1,000 Direct materials................................................................................ $9,600 Direct labor.......................................................................................  5,000 Manufacturing overhead.................................................................. 8,000 Total manufacturing costs......................................................   22,600 Total cost of work in process...........................................................  23,600 Less: Work in process, ending.........................................................    6,600 Cost of goods manufactured............................................................. $17,000 (c) CASE 1
Income Statement
Sales ...................................................................................$24,500
Less: Sales discounts.......................................................................
Net sales ......................................................................................
Cost of goods sold
Finished goods inventory, beginning.....................................
Cost of goods manufactured...................................................
Cost of goods available for sale.............................................
Less: Finished goods inventory, ending................................
Cost of goods sold........................................................
Gross profit ......................................................................................
Operating expenses..........................................................................
Net income ...................................................................................... 2,500
$22,000
  3,000
17,000
 20,000
3,400   16,600
  5,400    2,500
$   2,900 CASE 1
(Partial) Balance Sheet
Current assets
Cash ..............................................................................
Receivables (net)....................................................................
Inventories
Finished goods.............................................................
Work in process............................................................
Raw materials...............................................................
Prepaid expenses....................................................................
Total current assets....................................................... $ 4,000
 15,000
$3,400
 6,600
600   10,600
400
$30,000

• 1497934633-ACC 206 -Incomplete manufacturing costs expenses and selling data for two different cases are as f.doc

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