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 $116,600   $38,880   (e) Cost of goods manufactured 825,900   (c)   180,000 Cost of finished goods available for sale (a)   $540,000   $1,100,000 Finished goods inventory, June 30 130,000   70,000   (f) Cost of goods sold (b)   (d)   $945,000   a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank 4 e. $fill in the blank 5 f. $fill in the blank 6

Q: Two items are omitted from each of the following three lists of cost of goods sold data from a…

A: Cost of Goods Sold:The cost of goods sold (COGS) refers to the sum total of all direct costs that…

Q: Several items are omitted from the income statement and cost of goods manufactured statement data…

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Q: Two items are omitted from each of the following three lists of cost of goods sold data from a…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.