Thursday
April 24, 2014

Homework Help: Cost Accounting

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.
Case
1 2
Direct Materials Used $ 8,300 (g)
Direct Labor 3,000
$
4,000
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
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 $3,000, Receivables (net) $10,000, Raw Materials $700, and Prepaid Expenses
$200.

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