Incomplete manufacturing costs expenses and selling data for

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.

Case

1

2

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CASE 1
Cost of Goods Manufactured Schedule

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CASE 1
Income Statement

CASE 1
(Partial) Balance Sheet

Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.

Solution

Statement of Cost of Goods Manufactured Case 1 Case 2 Direct Material Used                                    10,060.00                                      4,440.00 $17,010 - ($8,290 + $4,280) Direct Labor                                      5,180.00                                      8,290.00 Manufacturing Overhead                                      8,820.00                                      4,280.00 Total Manufacturing Costs                                    24,060.00                                    17,010.00 Add: Beginning WIP Inventory                                      1,410.00                                      9,550.00 $22,900 - $17,010 + $3,660 Less: Ending WIP Inventory                                    (8,290.00)                                    (3,660.00) $24,060 + $1,410 - $17,180 Cost of Goods Manufactured                                    17,180.00                                    22,900.00 Statement of Cost of Goods Sold Case 1 Case 2 Beginning Finished Goods Inventory                                      5,060.00                                      4,320.00 $22,240 - $17,180 Cost of Goods Manufactured                                    17,180.00                                    22,900.00 Cost of Goods Available for Sale                                    22,240.00                                    27,220.00 Less: Ending Finished Goods Inventory                                    (3,590.00)                                    (3,010.00) Cost of Goods Sold                                    18,650.00                                    24,210.00 Income Statement Case 1 Case 2 Sales                                    25,390.00                                    34,070.00 $32,080 + $1,990 Less: Sales Discounts                                    (2,730.00)                                    (1,990.00) Net Sales                                    22,660.00                                    32,080.00 $24,210 + $7,870 Less: Cost of Goods Sold                                 (18,650.00)                                  (24,210.00) Gross Profit                                      4,010.00                                      7,870.00 Less: Operating Expenses                                    (2,820.00)                                    (2,770.00) $7,870 - $5,100 Net Income                                      1,190.00                                      5,100.00 Balance Sheet (Partial) Case 1 Case 2 Assets Current Assets WIP - Ending Balance                                      8,290.00                                      3,660.00 Finished Goods - Ending Balance                                      3,590.00                                      3,010.00