FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**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.

1. **Finished goods inventory, June 1**
   - $56,800
   - $18,700
   - (e)

2. **Cost of goods manufactured**
   - $301,000
   - (c)
   - $65,500

3. **Cost of finished goods available for sale**
   - (a)
   - $177,700
   - $102,900

4. **Finished goods inventory, June 30**
   - $69,400
   - $37,200
   - (f)

5. **Cost of goods sold**
   - (b)
   - (d)
   - $94,700

**Missing Items:**
- a.
- b.
- c.
- d.
- e.
- f.
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Transcribed Image Text:**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. 1. **Finished goods inventory, June 1** - $56,800 - $18,700 - (e) 2. **Cost of goods manufactured** - $301,000 - (c) - $65,500 3. **Cost of finished goods available for sale** - (a) - $177,700 - $102,900 4. **Finished goods inventory, June 30** - $69,400 - $37,200 - (f) 5. **Cost of goods sold** - (b) - (d) - $94,700 **Missing Items:** - a. - b. - c. - d. - e. - f.
Expert Solution
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Step 1 Formula to calculate cost of goods sold

Cost of goods sold = Opening stock of finished goods + Cost of goods manufactured - Closing stock of finished goods

We know that, Opening stock of finished goods + Cost of goods manufactured = Cost of finished goods available for sale.

Cost of finished goods available for sale - Closing stock of finished goods = Cost of goods sold

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