Income Statement for a Manufacturing CompanyTwo 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 manufactured262,700(c)52,200Cost of finished goods available for sale(a)$141,600$82,000Finished goods inventory, June 3061,00029,700(f)Cost of goods sold(b)(d)$75,400a.b.C.d.e.f.SA

Step 1: Calculation of a) cost of goods available for sale.Cost of finished goods available for sale…

Answered: Income Statement for a Manufacturing…

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. Finished goods inventory, June 1 $136,000 $45,300 (e)Cost of goods manufactured 963,000 (c) 209,900Cost of finished goods available for sale (a) $629,600 $1,282,600Finished goods inventory, June 30 151,600 81,600 (f)Cost of goods sold (b) (d) $1,101,900a. $fill in the blank 1b. $fill in the blank 2c. $fill in the blank 3d. $fill in the blank 4e. $fill in the blank 5f. $fill in the blank 6
1 .Cost of goods sold 2. Gross Profit
None
WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART? Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 600 12 Purchase 450 5 2250 23 Purchase 400 6 2400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.
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 $56,800 $18,700 (e) Cost of goods manufactured 301,000 (c) 65,500 Cost of finished goods available for sale (a) $177,700 $102,900 Finished goods inventory, June 30 69,400 37,300 (f) Cost of goods sold (b) (d) $94,700 a. b. C.
Subject: accounting
The 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.
answering the following::
Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…
Cost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory, January 1 Finished goods inventory, January 31 $4,490,000 530,000 340,000 6,600,000 880,000 775,000 (a) For the month ended January 31, determine Bandera's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January 1 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, January 31 Cost of goods sold

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