Question

Indicate the missing amount for each letter (a-l)

Direct materials used (1) $9,920    (2) $ (g)

Direct labor (1) 5,270    (2)    8,640

Manufacturing overhead (1) 9,020    (2) 5,000

Total manufacturing costs (1) (a) (2) 16,390

Beginning work in process inventory (1) 1,520    (2) (h)

Ending work in process inventory (1)(b)    (2)3,480

Sales revenue (1) 25,120 (2) (i)

Sales discounts (1) 2,740 (2)1,690

Cost of goods manufactured (1)17,590    (2) 22,240

Beginning finished goods inventory (1) (c) (2)    3,450

Goods available for sale (1) 22,210 (2) (j)

Cost of goods sold (1)(d)    (2)(k)

Ending finished goods inventory (1)3,960    (2) 3,250

Gross profit (1) (e) (2) 7,450

Operating expenses (1) 3,160    (2)(l)

Net income (1) (f) (2) 5,980

Answer 1

Solution:

Direct Materials Used		9920	g	2750
Direct Labor		5270		8640
Manufacturing Overhead		9020		5000
Total Manufacturing Costs	a	24210		16390
Add: Beginning Work in Process		1520	h	9330
Subtotal		25730		26320
Less: Ending Work in Process	b	8140		3480
Cost of Goods Manufactured		17590		22240
Add: Beginning Finished Goods	c	4620		3450
Goods Available for Sale		22210	j	25690
Less: Ending Finished Goods Inventory		3960		3250
Cost of goods sold	d	18250	k	22440
Sales Revenue		25120	i	31580
Less:
Sales Discounts		2740		1690
Cost of goods sold	d	18250	k	22440
Gross Profit	e	4130		7450
Less: Operating Expenses		3160	l	1470
Net income	f	970		5980