CALCULATOR F Problem 14-3A Incomplete manufacturing costs, expenses, and selling

Question

CALCULATOR F Problem 14-3A Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. 1A Indicate the missing amount. -2A (Part Case 4-3 4-4A 4-5 2 Direct materials used $9,780 5,950 8,870 re Direct labor 8,300 4,880 16,210 ults by ctive Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured 1,510 3,650 25,780 2,810 17,970 2,070 22,620 4,030 Beginning finished goods inventory Goods available for sale 22,860 Cost of goods sold

Explanation / Answer

Schedule of Cost of Goods Manufactured Case 1 Case 2 Direct Materials:                                  9,780.00                                        3,030.00 $16,210 - ($8,300 + $4,880) Direct Labor                                  5,950.00                                        8,300.00 Manufacturing Overhead                                  8,870.00                                        4,880.00 Total Manufacturing Costs                               24,600.00                                      16,210.00 Add: Work in Process, Beginning                                  1,510.00                                      10,060.00 $26,270 - $16,210                               26,110.00                                      26,270.00 Less: Work in Process, Ending                                  8,140.00                                        3,650.00 $26,100 - $17,970 Cost of Goods Manufactured                               17,970.00                                      22,620.00 Schedule of Cost of Goods Sold Case 1 Case 2 Finished Goods Inventory, Beginning Bal.                                  4,890.00                                        4,030.00 Add: Cost of Goods Manuactured                               17,970.00                                      22,620.00 Cost of Good Available for Sale                               22,860.00                                      26,650.00 Less: Finished Goods Inventory, Ending Bal.                               (3,720.00)                                      (3,110.00) Cost of Goods Sold                               19,140.00                                      23,540.00 Answer 2. Income Statement Case 1 Case 2 Sales                               25,780.00                                      33,710.00 Sales discount                               (2,810.00)                                      (2,070.00) Net Sales                               22,970.00                                      31,640.00 Cost of Goods Sold                               19,140.00                                      23,540.00 Gross Margin                                  3,830.00                                        8,100.00 Operating Expenses                                  3,510.00                                        2,770.00 Net Income                                     320.00                                        5,330.00 Answer 3. Case 1 Partial Balance Sheet Assets Current Assets Cash                                        3,170.00 Receivable (Net)                                      15,360.00 Inventory: Raw Material                                     690.00 WIP - Ending Balance                                  8,140.00 Finished Goods - Ending                                  3,110.00                                      11,940.00 Prepaid Expense                                            500.00 Total Current Assets                                      30,970.00

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