Hello- Please help finish the partial balance sheet Case 1 Direct materials used
ID: 2329128 • Letter: H
Question
Hello- Please help finish the partial balance sheet
Case 1 Direct materials used 9700 Direct labor 5100 Manufacturing overhead 8900 Total manufacturing costs 23700 Beginning work in process inventory 1240 Ending work in process inventory 7110 Sales revenue 25680 Sales discounts 2910 Cost of goods manufactured 17830 Beginning finished goods inventory 4560 Goods available for sale 22390 Cost of goods sold 16480 Ending finished goods inventory 3750 Gross profit 4130 Operating expenses 3200 Net income 930 Cost of Goods Manufactured Schedule Work in Process inventory beginning 1240 Direct materials 9700 Direct Labor 5100 Manufacturing overhead 8900 total manufacturing costs 23700 total cost of work in process 24940 less: Work in process inventory, ending 7110 cost of goods manufactured 17830 Income Statement Sales Revenue 25680 Less: Sales Discounts 2910 Net Sales 22770 Cost of Goods Sold Finished Goods Inventory, Beginning 4560 Cost of Goods Manufactured 17830 Cost of Goods Available for Sale 22390 Less: Finished Goods Inventory, Ending 3750 Cost of Goods Sold 19640 Gross Profit 4130 Operating Expenses 3200 Net Income/Loss 930Explanation / Answer
Solution :
Partial Balance Sheet
Nil
Explaination :
1. There is no cash Balance so is will be treated as Nil.
2. All revenue will be on credit so the Debtors will be equal to net Revenue $ 22770.
3. There is no closing stock of Raw Material , so it will be treated as Nil.
4.There ia no any kind of prepaid expensea so it will treated as nil.
Current Assets $ $ Cash Nil Receivables 22770 Inventories : Finished Goods 3750 Work in Progress 7110 Raw MaterialsNil
Prepaid Expenses Nil Total Current Assets 33630Related Questions
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