PROBLEM 2–25 Working with Incomplete Data from the Income Statement and Schedule of Cost of Goods Manufactured [ LO4 , LO5 ] Supply the missing data in the following cases. Each case is independent of the others. Case 1 2 3 4 Schedule of Cost of Goods Manufactured Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . $4,500 $6,000 $5,000 $3,000 Direct labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $3,000 $7,000 $4,000 Manufacturing overhead . . . . . . . . . . . . . . . . . . $5,000 $4,000 ? $9,000 Total manufacturing costs . . . . . . . . . . . . . . . . . $18,500 ? $20,000 ? Beginning work in process inventory . . . . . . . . . $2,500 ? $3,000 ? Ending work in process inventory . . . . . . . . . . . ? $1,000 $4,000 $3,000 Cost of goods manufactured . . . . . . . . . . . . . . . $18,000 $14,000 ? ? Income Statement Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,000 $21,000 $36,000 $40,000 Beginning fi nished goods inventory . . . . . . . . . . $1,000 $2,500 ? $2,000 Cost of goods manufactured . . . . . . . . . . . . . . . $18,000 $14,000 ? $17,500 Goods available for sale. . . . . . . . . . . . . . . . . . . ? ? ? ? Ending fi nished goods inventory . . . . . . . . . . . . ? $1,500 $4,000 $3,500 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . $17,000 ? $18,500 ? Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,000 ? $17,500 ? Selling and administrative expenses . . . . . . . . . ? $3,500 ? ? Net operating income. . . . . . . . . . . . . . . . . . . . . $4,000 ? $5,000 $9,000

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter21: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 21.4EX: Identify activity bases From the following list of activity bases for an automobile dealership,...

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PROBLEM 2–25 Working with Incomplete Data from the Income Statement and Schedule of Cost of
Goods Manufactured [ LO4 , LO5 ]
Supply the missing data in the following cases. Each case is independent of the others.

Case
1 2 3 4
Schedule of Cost of Goods Manufactured
Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . $4,500 $6,000 $5,000 $3,000
Direct labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $3,000 $7,000 $4,000
Manufacturing overhead . . . . . . . . . . . . . . . . . . $5,000 $4,000 ? $9,000
Total manufacturing costs . . . . . . . . . . . . . . . . . $18,500 ? $20,000 ?
Beginning work in process inventory . . . . . . . . . $2,500 ? $3,000 ?
Ending work in process inventory . . . . . . . . . . . ? $1,000 $4,000 $3,000
Cost of goods manufactured . . . . . . . . . . . . . . . $18,000 $14,000 ? ?
Income Statement
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,000 $21,000 $36,000 $40,000
Beginning fi nished goods inventory . . . . . . . . . . $1,000 $2,500 ? $2,000
Cost of goods manufactured . . . . . . . . . . . . . . . $18,000 $14,000 ? $17,500
Goods available for sale. . . . . . . . . . . . . . . . . . . ? ? ? ?
Ending fi nished goods inventory . . . . . . . . . . . . ? $1,500 $4,000 $3,500
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . $17,000 ? $18,500 ?
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,000 ? $17,500 ?
Selling and administrative expenses . . . . . . . . . ? $3,500 ? ?
Net operating income. . . . . . . . . . . . . . . . . . . . . $4,000 ? $5,000 $9,000

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