Determine the missing amounts in each of the following independent cases. Case A

Question

Determine the missing amounts in each of the following independent cases.

Case A Case B Case C Beginning inventory, raw material 98,000 7,500 Ending inventory, raw material 199,000 34,000 Purchases of raw material 295,000 274,000 Direct material used 235,000 323,000 Direct labor 395,000 72,000 Manufacturing overhead 595,000 99,000 Total manufacturing costs 1,135,000 1,130,000 222,000 Beginning inventory, work in process 89,000 79,000 Ending inventory, work in process 124,000 4,400 Cost of goods manufactured 1,088,000 225,000 Beginning inventory, finished goods 195,000 139,000 Cost of goods available for sale 241,000 Ending inventory, finished goods 22,000 Cost of goods sold 1,185,000 1,066,000 Sales 430,000 Gross margin 529,000 529,000 Selling and administrative expenses 263,000 Income before taxes 395,000 64,000 Income tax expense 99,000 160,000 Net income 37,000

Explanation / Answer

Case A Case B Case C Beginning inventory, raw material 1,39,000 98,000 7,500 Ending inventory, raw material 1,99,000 49,000 34,000 Purchases of raw material 2,95,000 2,74,000 77,500 Direct material used 2,35,000 3,23,000 51,000 Direct labor 3,05,000 3,95,000 72,000 Manufacturing overhead 5,95,000 4,12,000 99,000 Total manufacturing costs 11,35,000 11,30,000 2,22,000 Beginning inventory, work in process 89,000 79,000 7,400 Ending inventory, work in process 1,36,000 1,24,000 4,400 Cost of goods manufactured 10,88,000 10,85,000 2,25,000 Beginning inventory, finished goods 1,95,000 1,39,000 16,000 Cost of goods available for sale 12,83,000 12,24,000 2,41,000 Ending inventory, finished goods 98,000 1,58,000 22,000 Cost of goods sold 11,85,000 10,66,000 2,19,000 Sales 17,14,000 15,95,000 4,30,000 Gross margin 5,29,000 5,29,000 2,11,000 Selling and administrative expenses 1,34,000 2,63,000 1,47,000 Income before taxes 3,95,000 2,66,000 64,000 Income tax expense 99,000 1,60,000 27,000 Net income 2,96,000 1,06,000 37,000 Workings: Case A Case B Case C a. a a. Direct material used 2,35,000 Beginning inventory, raw material 98,000 Total manufacturing costs 2,22,000 Add: Add: Less: Ending inventory, raw material 1,99,000 Purchases of raw material 2,74,000 Direct labor 72,000 Less: Less: Manufacturing overhead 99,000 Purchases of raw material 2,95,000 Direct material used 3,23,000 Direct material used 51,000 Beginning inventory, raw material 1,39,000 Ending inventory, raw material 49,000 b. b. b. Total manufacturing costs 11,35,000 Direct material used 51,000 Less: Total manufacturing costs 11,30,000 Add: Direct material used 2,35,000 Less: Ending inventory, raw material 34,000 Manufacturing overhead 5,95,000 Direct material used 3,23,000 Less: Direct labor 3,95,000 Beginning inventory, raw material 7,500 Direct labor 3,05,000 Manufacturing overhead 4,12,000 Purchases of raw material 77,500 c. Total manufacturing costs 11,35,000 c. c. Add: Cost of goods manufactured 2,25,000 Beginning inventory, work in process 89,000 Total manufacturing costs 11,30,000 Add: Less: Add: Ending inventory, work in process 4,400 Cost of goods manufactured 10,88,000 Beginning inventory, work in process 79,000 Less: Less: Total manufacturing costs 2,22,000 Ending inventory, work in process 1,36,000 Ending inventory, work in process 1,24,000 Beginning inventory, work in process 7,400 d. Cost of goods manufactured 10,85,000 Beginning inventory, finished goods 1,95,000 d. Add: d. Cost of goods available for sale 2,41,000 Cost of goods manufactured 10,88,000 Less: Cost of goods manufactured 10,85,000 Cost of goods manufactured 2,25,000 Cost of goods available for sale 12,83,000 Add: Beginning inventory, finished goods 1,39,000 Beginning inventory, finished goods 16,000 Less: Cost of goods sold 11,85,000 Cost of goods available for sale 12,24,000 e. Less: Cost of goods available for sale 2,41,000 Ending inventory, finished goods 98,000 Cost of goods sold 10,66,000 Less: Ending inventory, finished goods 22,000 e. Ending inventory, finished goods 1,58,000 Cost of goods sold 2,19,000 Cost of goods sold 11,85,000 e. Add: f. Gross margin 5,29,000 Cost of goods sold 10,66,000 Sales 4,30,000 Add: Less: Sales 17,14,000 Gross margin 5,29,000 Cost of goods sold 2,19,000 f. Sales 15,95,000 Gross margin 2,11,000 Gross margin 5,29,000 Less: g. Income before taxes 3,95,000 f. Gross margin 2,11,000 Less: Selling and administrative expenses 1,34,000 Gross margin 5,29,000 Income before taxes 64,000 Less: g. Selling and administrative expenses 2,63,000 Selling and administrative expenses 1,47,000 Income before taxes 3,95,000 Income before taxes 2,66,000 h. Less: Income before taxes 64,000 Income tax expense 99,000 g. Less: Net income 37,000 Net income 2,96,000 Income before taxes 2,66,000 Less: Income tax expense 27,000 Income tax expense 1,60,000 Net income 1,06,000

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