Income Statement for a Manufacturing Company Two items are omitted from each of
ID: 2339974 • Letter: I
Question
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 $46,000 $16,100 (e) Cost of goods manufactured 230,000 (c) 56,400 Cost of finished goods available for sale (a) $153,000 $88,600 Finished goods inventory, June 30 53,500 32,100 (f) Cost of goods sold (b) (d) $81,500Explanation / Answer
(a) Cost of finished goods available for sale = $46,000 + $230,000 = $276,000
(b) Cost of goods sold = $276,000 - $53,500 = $222,500
(c) Cost of goods manufactured = $153,000 - $16,100 = $136,900
(d) Cost of goods sold = $153,000 - $32,100 = $120,900
(e) Finished goods inventory, June 1 = $88,600 - $56,400 = $32,200
(f) Finished goods inventory, June 30 = $88,600 - $81,500 = $7,100