Indicate the missing amount. Case 1 2 Case 1 2 Direct materials used $10,097 $ D
ID: 2498376 • Letter: I
Question
Indicate the missing amount.
Case
1
2
Case
1
2
Direct materials used $10,097 $ Direct labor 5,121 8,418 Manufacturing overhead 9,072 4,732 Total manufacturing costs 17,078 Beginning work in process inventory 1,334 Ending work in process inventory 3,237 Sales revenue 25,726 Sales discounts 2,987 2,405 Cost of goods manufactured 17,958 22,405 Beginning finished goods inventory 3,494 Goods available for sale 20,284 Cost of goods sold Ending finished goods inventory 4,334 3,441 Gross profit 7,922 Operating expenses 3,108 Net income 5,563Explanation / Answer
Solution -
Filled 1 2 1 2 A Direct materials used 10,097 10097 3928 B Direct labor 5,121 8,418 5121 8418 C Manufacturing overhead 9,072 4,732 9072 4732 D = A+B+C Total manufacturing costs 17,078 24290 17078 E Beginning work in process inventory 1,334 1334 8564 F Ending work in process inventory 3,237 7666 3237 L Sales revenue 25,726 25726 32785 M Sales discounts 2,987 2,405 2987 2405 G = D+E-F Cost of goods manufactured 17,958 22,405 17958 22405 H Beginning finished goods inventory 3,494 2326 3494 I = G + H Goods available for sale 20,284 20284 25899 K = I - J Cost of goods sold 15950 22458 J Ending finished goods inventory 4,334 3,441 4334 3441 N = L-M -K Gross profit 7,922 6789 7922 O Operating expenses 3,108 3108 2359 P = N - O Net income 5,563 3681 5563