FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![**Educational Website: Cost of Goods Manufactured**
Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter.
**1. Work in Process Inventory, August 1**
- $3,200
- $26,600
- (e)
**2. Total Manufacturing Costs Incurred During August**
- $22,400
- (c)
- $155,600
**3. Total Manufacturing Costs**
- (a)
- $311,200
- $168,900
**4. Work in Process Inventory, August 31**
- $4,900
- $65,400
- (f)
**5. Cost of Goods Manufactured**
- (b)
- (d)
- $141,900
**Missing Values to Identify:**
- a.
- b.
- c.
- d.
- e.
- f.
Let's solve for the missing values by using the Cost of Goods Manufactured formula:
\[ \text{Cost of Goods Manufactured} = \text{Total Manufacturing Costs} + \text{Opening Work in Process Inventory} - \text{Closing Work in Process Inventory} \]
### Calculations:
1. For the first column:
- Given:
- Opening Work in Process Inventory: $3,200
- Total Manufacturing Costs Incurred: $22,400
- Closing Work in Process Inventory: $4,900
- Calculating Total Manufacturing Costs (a):
\[
a = 22,400 + 3,200 = 25,600
\]
- Calculating Cost of Goods Manufactured (b):
\[
b = 25,600 + 3,200 - 4,900 = 23,900
\]
2. For the second column:
- Given:
- Total Manufacturing Costs: $311,200
- Closing Work in Process Inventory: $65,400
- Calculating Total Manufacturing Costs Incurred (c):
\[
\text{Since Total Manufacturing Costs} = \text{Total Manufacturing Costs Incurred} + \text{Opening Work in Process Inventory}
\]
\[
311,200 = c + 26,600 \implies c = 311,200 - 26,600 = 284,600](https://content.bartleby.com/qna-images/question/3d91039a-4ee7-408c-877c-417bb564466b/55fcb108-c15d-4c80-bc4c-31ed5854706b/ccigxg_processed.png)
Transcribed Image Text:**Educational Website: Cost of Goods Manufactured**
Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter.
**1. Work in Process Inventory, August 1**
- $3,200
- $26,600
- (e)
**2. Total Manufacturing Costs Incurred During August**
- $22,400
- (c)
- $155,600
**3. Total Manufacturing Costs**
- (a)
- $311,200
- $168,900
**4. Work in Process Inventory, August 31**
- $4,900
- $65,400
- (f)
**5. Cost of Goods Manufactured**
- (b)
- (d)
- $141,900
**Missing Values to Identify:**
- a.
- b.
- c.
- d.
- e.
- f.
Let's solve for the missing values by using the Cost of Goods Manufactured formula:
\[ \text{Cost of Goods Manufactured} = \text{Total Manufacturing Costs} + \text{Opening Work in Process Inventory} - \text{Closing Work in Process Inventory} \]
### Calculations:
1. For the first column:
- Given:
- Opening Work in Process Inventory: $3,200
- Total Manufacturing Costs Incurred: $22,400
- Closing Work in Process Inventory: $4,900
- Calculating Total Manufacturing Costs (a):
\[
a = 22,400 + 3,200 = 25,600
\]
- Calculating Cost of Goods Manufactured (b):
\[
b = 25,600 + 3,200 - 4,900 = 23,900
\]
2. For the second column:
- Given:
- Total Manufacturing Costs: $311,200
- Closing Work in Process Inventory: $65,400
- Calculating Total Manufacturing Costs Incurred (c):
\[
\text{Since Total Manufacturing Costs} = \text{Total Manufacturing Costs Incurred} + \text{Opening Work in Process Inventory}
\]
\[
311,200 = c + 26,600 \implies c = 311,200 - 26,600 = 284,600
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