P1 3A - Total Manufacturing Costs $20,600.00 Total Cost of...

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Case 1 2 Manufacturing Costs, Expenses and Selling Data Direct Material Used $7,600.00 $6,000.00 Direct Labor $5,000.00 $8,000.00 Manufacturing Overhead $8,000.00 $4,000.00 Total Manufacturing Costs $20,600.00 $18,000.00 Beginning Work in Process Inventory $1,000.00 $7,000.00 Ending Work in Process Inventory $4,600.00 $3,000.00 Sales $24,500.00 $31,200.00 Sales Discounts $2,500.00 $1,400.00 Cost of Goods Manufactured $17,000.00 $22,000.00 Beginning Finished Goods Inventory $1,000.00 $3,300.00 Goods Available For Sale $18,000.00 $25,300.00 Cost of Goods Sold $14,600.00 $22,800.00 Ending Finished Goods Inventory $3,400.00 $2,500.00 Gross Profit $7,400.00 $7,000.00 Operating Expenses $2,500.00 $1,000.00 Net Income $4,900.00 $5,000.00 Cost of Goods Manufactured Schedule Work in Process Beginning $1,000.00 Manufacturing Overhead $8,000.00 Direct Materials $7,600.00 Direct Labor $5,000.00
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Unformatted text preview: Total Manufacturing Costs $20,600.00 Total Cost of Work in Process $21,600.00 Less: Work in Process $4,600.00 Cost of Goods Manufactured $17,000.00 Income Statement Sales Net $24,500.00 Less: Sales Discounts $2,500.00 Net Sales $22,000.00 Cost of Goods Sold Finished goods inventory, January 1 $1,000.00 Costs of Goods manufactured $17,000.00 Costs of goods available for sale $18,000.00 Less: Finished goods inventory, ending $3,400.00 Costs of goods sold $14,600.00 Gross Profit $7,400.00 Operating Expenses $2,500.00 Net Income $4,900.00 Balance Sheet (partial) Current Assets Cash $4,000.00 Receivables $15,000.00 Inventories Work in Process $4,600.00 Finished Goods $3,400.00 Raw Materials $600.00 $8,600.00 Prepaid Expenses $400.00 Total Current Assets $28,000.00...
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This note was uploaded on 01/07/2011 for the course ACC 560 taught by Professor Lowry during the Fall '08 term at Strayer.

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