Answer:
Incomplete manufacturing costs:
Case 1 Case 2
Direct materials used $9,700 $3,900
Direct labor 5,100 8,100
Manufacturing overhead 8,400 4,100
Total manufacturing costs 23,200 16,100
Beginning work in process inventory 1,100 9,100
Ending work in process inventory 7,200 3,100
Sales revenue 25,000 31,500
Sales discounts 2,600 1,500
Cost of goods manufactured 17,100 22,100
Beginning finished goods inventory 5,000 3,400
Goods available for sale 22,100 25,500
Cost of goods sold 18,600 22,900
Ending finished goods inventory 3,500 2,600
Gross profit 3,800 7,100
Operating expenses 2,800 2,000
Net income 1,000 5,100
Explanation:
To work out the missing figures involves some manoeuvres of the figures, working up or down as the case may be. For example, to calculate the cost of goods sold in Case 1, I deducted the ending inventory of finished goods from the Goods available for sale. With this figure, it becomes possible to work out the Gross profit and the Net income.
