Incomplete Manufacturing Costs, Expenses, and Selling Data for Two Different Cases Are as Follows.

Incomplete Manufacturing Costs, Expenses, and Selling Data for Two Different Cases Are as Follows.

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.