Posted by Renee on Saturday, June 27, 2009 at 5:17pm.
Incomplete manufacturing costs, expenses, and selling data for two different cases
are as follows.
Direct Materials Used $ 8,300 (g)
Direct Labor 3,000
Manufacturing Overhead 6,000 5,000
Total Manufacturing Costs (a) 20,000
Beginning Work in Process Inventory 1,000 (h)
Ending Work in Process Inventory (b) 2,000
Sales 22,500 (i)
Sales Discounts 1,500 1,200
Cost of Goods Manufactured 15,800 21,000
Beginning Finished Goods Inventory (c) 4,000
Goods Available for Sale 17,300 (j)
Cost of Goods Sold (d) (k)
Ending Finished Goods Inventory 1,200 2,500
Gross Profit (e) 6,000
Operating Expenses 2,700 (l)
Net Income (f) 3,200
(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 $3,000, Receivables (net) $10,000, Raw Materials $700, and Prepaid Expenses
- Cost Accounting - mina, Saturday, February 6, 2010 at 3:31pm
do you have any idea?
- Cost Accounting - Anonymous, Saturday, November 13, 2010 at 10:03pm
Answer this Question
Cost Accounting - Case 1 Direct Materials Used $8,300 Direct Labor 3,000 ...
Accounting - 1. The company uses a job-order costing system. How would you ...
accounting - The accounting records of NuTronics, Inc., include the following ...
ACC - someone help me with this questions please 1. How would the following ...
accounting - Williams Company's direct labor cost is 25% of its conversion cost...
accounting - Data provided: Estimated manufacturing overhead cost for year....$...
managerial Accounting - Smith Co uses a standard cost system for its single ...
accounting - The Bags and Luggage Company had the following account balances as...
accouting - Nancy Company has budgeted sales of $300,000 with the following ...
Accounting - Burrand Company estimates that annual manufacturing overhead costs ...