(c)Prepare an income statement for Case 1CASE 1Income StatementPrepare the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assetssection are as follovs: Cash $3,100, Receivables (net) 515,100, Raw Materials S510, and Prepaid Expenses 5410. List CurrentAssets in order of liquidityCASE 1(Partial) Balance Sheet> >> >> > > > >> Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.(a)Indicate the missing amount for each letter.CaseDirect materials used$9,700Direct labor5,1008,100Manufacturing overhead8,4004,100Total manufacturing costs16,100Beginning work in process inventory1,100(h)Ending work in process inventory(b)3,100Sales revenue25,000(i)Sales discounts2,6001,500Cost of goods manufactured17,10022,100Beginning finished goods inventory(c)3,400Beginning finished goods inventory(c)3,400Goods available for sale22,100(6)Cost of goods sold(d)(k)Ending finished goods inventory3,5002,600Gross profit(e)7,100Operating expenses2,800(1)Net income5,100(f)%24

Total Manufacturing Cost = Direct Material + Direct Labour + Factory Overheads Cost of Goods…

(a) Indicate the missing amount for each letter. Case 1 Direct materials used $9,700 24 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning workin process inventory 1,100 (h) Ending work in process inventory (b) 3,100 Sales revenue 25,000 (1) Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory 3,400 Beginning finished goods inventory (c) 3,400 Goods available for sale 22,100 Cost of goods sold (d) (k) Ending finished goods inventory 3,500 2,600 Gross profit (e) 7,100 Operating expenses 2,800 (1) Net income 5,100 (f)

(a) Indicate the missing amount for each letter. Case 1 Direct materials used $9,700 24 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning workin process inventory 1,100 (h) Ending work in process inventory (b) 3,100 Sales revenue 25,000 (1) Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory 3,400 Beginning finished goods inventory (c) 3,400 Goods available for sale 22,100 Cost of goods sold (d) (k) Ending finished goods inventory 3,500 2,600 Gross profit (e) 7,100 Operating expenses 2,800 (1) Net income 5,100 (f)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 3TF

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