**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) - $65,5003. **Cost of finished goods available for sale** - (a) - $177,700 - $102,9004. **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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Description: **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 le

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

Expert Solution

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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