Managerial Accounting: P1-3A a. Incomplete manufacturing costs, expenses, and selling data

Managerial Accounting
P1-3A
a. Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Indicate the missing amount for each letter. Case 1 2 Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Beginning Work in Process Inventory Ending Work in Process Inventory Sales 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
b. Prepare a condensed cost of goods manufactured schedule for Case 1. (List amounts from largest to smallest eg 10, 5, 3, 2.)
c. Prepare an income statement and the current assets section of the balance sheet for Case
1. 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. (List entries for inventory from largest to smallest eg 10, 5, 3, 2. List current assets in order of liquidity.)
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