Indicate the missing amount Case Direct materials used Direc

Indicate the missing amount. Case Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income $9,600 4,000 16,000 1,000 3,000 1,400 22,000 2,500 Prepare a condensed cost of goods manufactured schedule for Case 1. CASE 1 Cost of Goods Manufactured Schedule Finished Goods Inventory, Ending Gross Proft Manufacturing Overhead Net Income (Loss) Net Sales Direct Materals Operating Expenses Sales Revenue Sales Discounts Total Manufacturing Costs Cost of Goods Manufactured Work in Process Inventory, Beginning Finished Goods Inventory, Beginning Direct Labor Total Cost of Work in Process Work in Process Inventory, Endng Cost of Goods Avaiable for Sale Cost of Goods Sold Prepare an income statement for Case 1. CASE 1 Income Statement

Solution

Case 1

Indicate the Missing Figures

Direct Material Used

$      9,600.00

Direct Labour

$      5,000.00

Manufacturing Overheads

$      8,000.00

Total Manufacturing Cost

$   22,600.00

Beginning Work in Prgress Inventory

$      1,000.00

Ending Work in Prgress Inventory

$      6,600.00

Sales Revenue

$   24,500.00

Sales Discount

$      2,500.00

Cost of Goods Manufactured

$   17,000.00

Beginning Finished Goods Inventory

$      5,000.00

Goods Avalable for sale

$   22,000.00

Cost of Goods Sold

$   18,600.00

Ending Finisged Goods Inventory

$      3,400.00

Operating Expenses

$      2,500.00

Net Income

$         900.00

Case 1

Cost Of goods Manufactured Schedule

Particulars

Amount

Amount

Opening Work in Progress Inventory

$      1,000.00

Add- Manufacturing Cost

        Direct Material Used

$      9,600.00

          Direct Labour

$      5,000.00

          Manufacturing Overheads

$      8,000.00

$   22,600.00

Less: Closing Work in Progress Inventory ( Balancing Figure)

$   (6,600.00)

Cost of Goods Manufactured

$   17,000.00

Case 1

Income Statement

Particulars

Amount

Amount

Sales Revenue

$   24,500.00

Less-Sales Discount

$   (2,500.00)

Net Sales

$   22,000.00

$   22,000.00

Less-Cost of Goods Sold

            Opening Stock of Finished Goods

$      5,000.00

            Add- Cost of Goods Manufactured

$ 17,000.00

            Less- Closing Stock of Finished Goods

$   (3,400.00)

$ (18,600.00)

Gross Profit

$      3,400.00

Less:Operating Expenses

$   (2,500.00)

Net Income

$         900.00

Notes-

Calculation of Opening Finisged goods Inventory

Opening FG Inventory =Goods Avalable for Sales-Cost of Goods Manufactured

so 22000-17000 =5000

Case 1
Indicate the Missing Figures
Direct Material Used	$      9,600.00
Direct Labour	$      5,000.00
Manufacturing Overheads	$      8,000.00
Total Manufacturing Cost	$   22,600.00
Beginning Work in Prgress Inventory	$      1,000.00
Ending Work in Prgress Inventory	$      6,600.00
Sales Revenue	$   24,500.00
Sales Discount	$      2,500.00
Cost of Goods Manufactured	$   17,000.00
Beginning Finished Goods Inventory	$      5,000.00
Goods Avalable for sale	$   22,000.00
Cost of Goods Sold	$   18,600.00
Ending Finisged Goods Inventory	$      3,400.00
Operating Expenses	$      2,500.00
Net Income	$         900.00