Problem 14-3A (Part Level Submission) Incomplete manufacturing costs, expenses,
ID: 2551885 • Letter: P
Question
Problem 14-3A (Part Level Submission) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows Indicate the missing amount Case 2 $9,930 5,390 8,750 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 8,620 4,470 16,430 1,300 3,970 25,780 3,000 17,300 1,510 22,860 4,070 22,190 3,360 7,480 4,070 2,810 6,090 Prepare a condensed cost of goods manufactured schedule for Case 1 CASE 1 Cost of Goods Manufactured ScheduleExplanation / Answer
Particulars 1 Particulars 2 Direct Material Used 9930 Direct Material Used 3340 Direct Labor 5390 Direct Labor 8620 Manufacuring OH 8750 Manufacuring OH 4470 Total Manufacturing Cost 24070 Total Manufacturing Cost 16430 Beginning WIP 1300 Beginning WIP 10400 Closing WIP 8070 Closing WIP 3970 Cost of Goods Manufactured 17300 Cost of Goods Manufactured 22860 Beginning FG 4890 Beginning FG 4070 Goods Available for Sales 22190 Goods Available for Sales 26930 Closing FG 4070 Closing FG 3360 COGS 18120 COGS 23570 Sales Revenue 25780 Sales Revenue 32560 Sales Discount 3000 Sales Discount 1510 Gross Profit 4660 Gross Profit 7480 Operating Expense 2810 Operating Expense 1390 Net Income 1850 Net Income 6090 Explanation to Case 1 Explanation to Case 2 Total Manufacturing Cost DM+DL+MOH Total Manufacturing Cost DM+DL+MOH Total Manufacturing Cost 9930+5390+8750 16430 DM+8620+4470 Total Manufacturing Cost 24070 Direct Material Used 3340 Cost of Goods Manufactured M. Cost+Open WIP-CL WIP Cost of Goods Manufactured M. Cost+Open WIP-CL WIP 17300 24070+1300-Cl WIP 22860 16430+Op WIP-3970 Closing WIP 8070 Op WIP 10400 Goods Available for Sales Cost of Goods Manu+Open FG Goods Available for Sales Cost of Goods Manu+Open FG 22190 17300+Opening FG Goods Available for Sales 22860+4070 4890 Opening FG Goods Available for Sales 26930 COGS Goods Available for Sales-Closing FG COGS Goods Available for Sales-Closing FG COGS 22190-4070 COGS 26930-3360 COGS 18120 COGS 23570 GP Sale(Net)-COGS GP Sale(Net)-COGS GP (25780-3000)-18120 7480 (Sales-1510)-23570 GP 4660 Sales Revenue 32560 Net Income GP-Operating Exp Net Income GP-Operating Exp Net Income 4460-2810 6090 7480-Opex 1850 Opex 1390 B Cost of Goods Manuafactured Schedule for Case 1: Opening WIP 1300 Direct Material Used 9930 Direct Labor 5390 Manufacuring OH 8750 Total Manufacuring Cost During the Period 24070 Total Manufacuring Cost During the Period Inc WIP 25370 Less: Closing WIP 8070 Cost of Goods Manuafactured 17300 C Income Statement Sales Revenue 25780 Less: Sales Discount 3000 Net Sales Revenue 22780 COGS: Cost of Goods Manuafactured 17300 Beginning FG 4890 Goods Available for Sales 22190 Less: Clsoing FG 4070 COGS: 18120 Gross Profit 4660 Operating Expense 2810 Net Income 1850