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…

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Q: Income Statement for a Manufacturing Company Two items are omitted from each of the following three…

A: Cost of goods manufactured is the manufacturing costs incurred when the goods finished during a…

Q: ncome Statement for a Manufacturing Company Two items are omitted from each of the following three…

A: Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Closing…

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A: Cost of goods sold means how much cost is belonging to goods that are being sold in the open market.

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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.