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. Finished goods inventory, June 1 $51,500 $14,900 (e) Cost of goods manufactured 262,700 (c) 52,200 Cost of finished goods available for sale (a) $141,600 $82,000 Finished goods inventory, June 30 61,000 29,700 (f) Cost of goods sold (b) (d) $75,400 a. b. C. d. e. f. SAarrow_forwardThe following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 732 ($000) $804 1,174 1,350 159 284 Direct materials inventory Work-in-process inventory. Finished goods inventory Direct materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Direct materials used Total manufacturing costs Total costs of work-in-process BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Cost of goods manufactured $ 732arrow_forwardThe following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.arrow_forward
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