Income Statement for a Manufacturing Company Two items are omitted from each of the following three...

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Income Statement for a Manufacturing Company Two items are omitted from each of the following three...

Income Statement for a Manufacturing Company

Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter.

Finished goods inventory, June 1	$51,900	$14,500	(e)
Cost of goods manufactured	275,100	(c)	50,800
Cost of finished goods available for sale	(a)	$137,800	$79,800
Finished goods inventory, June 30	63,400	28,900	(f)
Cost of goods sold	(b)	(d)	$73,400

a.	$
b.	$
c.	$
d.	$
e.	$
f.	$

business accounting

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Answer 1

Answer #1

Finished goods inventory, June 1+Cost of goods manufactured=Cost of finished goods available for sale

Cost of finished goods available for sale-Finished goods inventory, June 30=Cost of goods sold

Finished goods inventory, June 1	51900	14500	(79800-50800)=$29,000
Cost of goods manufactured	275100	(137800-14500)=$123,300	50800
Cost of finished goods available for sale	(51900+275100)=$327,000	137800	79800
Finished goods inventory, June 30	63400	28900	(79800-73400)=$6400
Cost of goods sold	(327000-63400)=$263600	(137800-28900)=$108,900	73400.

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Answer 2

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