{"id":47907,"date":"2022-04-02T09:30:30","date_gmt":"2022-04-02T09:30:30","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/incomplete-manufacturing-costs-expenses-and-selling-data-for-two\/"},"modified":"2022-04-02T09:30:30","modified_gmt":"2022-04-02T09:30:30","slug":"incomplete-manufacturing-costs-expenses-and-selling-data-for-two","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/incomplete-manufacturing-costs-expenses-and-selling-data-for-two\/","title":{"rendered":"Incomplete manufacturing costs, expenses, and selling data for two"},"content":{"rendered":"<div>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>Direct \u00a0\u00a0materials used<\/p>\n<p>$9,600<\/p>\n<p>$<img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>\u00a0<\/p>\n<p>Direct \u00a0\u00a0labor<\/p>\n<p>5,000<\/p>\n<p>8,000<\/p>\n<p>\u00a0<\/p>\n<p>Manufacturing \u00a0\u00a0overhead<\/p>\n<p>8,000<\/p>\n<p>4,000<\/p>\n<p>\u00a0<\/p>\n<p>Total \u00a0\u00a0manufacturing costs<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>16,000<\/p>\n<p>\u00a0<\/p>\n<p>Beginning \u00a0\u00a0work in process inventory<\/p>\n<p>1,000<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>\u00a0<\/p>\n<p>Ending \u00a0\u00a0work in process inventory<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>3,000<\/p>\n<p>\u00a0<\/p>\n<p>Sales \u00a0\u00a0revenue<\/p>\n<p>24,500<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>\u00a0<\/p>\n<p>Sales \u00a0\u00a0discounts<\/p>\n<p>2,500<\/p>\n<p>1,400<\/p>\n<p>\u00a0<\/p>\n<p>Cost of \u00a0\u00a0goods manufactured<\/p>\n<p>17,000<\/p>\n<p>22,000<\/p>\n<p>\u00a0<\/p>\n<p>Beginning \u00a0\u00a0finished goods inventory<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>3,300<\/p>\n<p>\u00a0<\/p>\n<p>Goods \u00a0\u00a0available for sale<\/p>\n<p>20,000<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>\u00a0<\/p>\n<p>Cost of \u00a0\u00a0goods sold<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>\u00a0<\/p>\n<p>Ending \u00a0\u00a0finished goods inventory<\/p>\n<p>3,400<\/p>\n<p>2,500<\/p>\n<p>\u00a0<\/p>\n<p>Gross \u00a0\u00a0profit<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>7,000<\/p>\n<p>\u00a0<\/p>\n<p>Operating \u00a0\u00a0expenses<\/p>\n<p>2,500<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>\u00a0<\/p>\n<p>Net income<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"http:\/\/edugen.wiley.com\/edugen\/art2\/common\/pixel.gif\" height=\"1\" src=\"\" width=\"1\"\/><\/p>\n<p>5,000<\/p>\n<p>\u00a0\u00a0<\/p>\n<p>b) Prepare a condensed cost of goods manaufactures schdule ffor Case1<\/p>\n<p>c1) Prepare an Income statement for Case 1<\/p>\n<p>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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0\u00a0\u00a0\u00a0\u00a0 Direct \u00a0\u00a0materials used $9,600 $ \u00a0 Direct \u00a0\u00a0labor 5,000 8,000 \u00a0 Manufacturing \u00a0\u00a0overhead 8,000 4,000 \u00a0 Total \u00a0\u00a0manufacturing costs 16,000 \u00a0 Beginning \u00a0\u00a0work in process inventory 1,000 \u00a0 Ending \u00a0\u00a0work in process inventory 3,000 \u00a0 Sales \u00a0\u00a0revenue 24,500 \u00a0 Sales \u00a0\u00a0discounts 2,500 1,400 \u00a0 Cost of \u00a0\u00a0goods manufactured 17,000 22,000 \u00a0 Beginning \u00a0\u00a0finished goods [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-47907","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=47907"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/47907\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=47907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=47907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=47907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}