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 finished goods inventory . . . . . . . . . . $1,000 $2,500 ? $2,000
Cost of goods manufactured . . . . . . . . . . . . . . . $18,000 $14,000 ? $17,500
Goods available for sale. . . . . . . . . . . . . . . . . . . ? ? ? ?
Ending finished 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