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Posted: March 17th, 2023
Direct materials used
$9,600
$
Direct labor
5,000
8,000
Manufacturing overhead
8,000
4,000
Total manufacturing costs
16,000
Beginning work in process inventory
1,000
Ending work in process inventory
3,000
Sales revenue
24,500
Sales discounts
2,500
1,400
Cost of goods manufactured
17,000
22,000
Beginning finished goods inventory
3,300
Goods available for sale
20,000
Cost of goods sold
Ending finished goods inventory
3,400
2,500
Gross profit
7,000
Operating expenses
2,500
Net income
5,000
b) Prepare a condensed cost of goods manaufactures schdule ffor Case1
c1) Prepare an Income statement for Case 1
c2) Prepare the current assets section of the balance sheet for Case1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600 and Prepaid Expenses $400.
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