**Educational Website: Cost of Goods Manufactured**Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter.**1. Work in Process Inventory, August 1**- $3,200- $26,600- (e)**2. Total Manufacturing Costs Incurred During August**- $22,400- (c)- $155,600**3. Total Manufacturing Costs**- (a)- $311,200- $168,900**4. Work in Process Inventory, August 31**- $4,900- $65,400- (f)**5. Cost of Goods Manufactured**- (b)- (d)- $141,900**Missing Values to Identify:**- a.- b.- c.- d.- e.- f.Let's solve for the missing values by using the Cost of Goods Manufactured formula: \[ \text{Cost of Goods Manufactured} = \text{Total Manufacturing Costs} + \text{Opening Work in Process Inventory} - \text{Closing Work in Process Inventory} \]### Calculations:1. For the first column: - Given: - Opening Work in Process Inventory: $3,200 - Total Manufacturing Costs Incurred: $22,400 - Closing Work in Process Inventory: $4,900 - Calculating Total Manufacturing Costs (a): \[ a = 22,400 + 3,200 = 25,600 \] - Calculating Cost of Goods Manufactured (b): \[ b = 25,600 + 3,200 - 4,900 = 23,900 \]2. For the second column: - Given: - Total Manufacturing Costs: $311,200 - Closing Work in Process Inventory: $65,400 - Calculating Total Manufacturing Costs Incurred (c): \[ \text{Since Total Manufacturing Costs} = \text{Total Manufacturing Costs Incurred} + \text{Opening Work in Process Inventory} \] \[ 311,200 = c + 26,600 \implies c = 311,200 - 26,600 = 284,600

The cost of goods manufactured (COGM) refers to the total cost incurred by a company to produce…

Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $26,600 Total manufacturing costs incurred during August (c) Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured a. $ b. $ C. d. $ e. $ $3,200 22,400 (a) 4,900 (b) $311,200 65,400 (d) (e) 155,600 $168,900 (f) $141,900

Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $26,600 Total manufacturing costs incurred during August (c) Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured a. $ b. $ C. d. $ e. $ $3,200 22,400 (a) 4,900 (b) $311,200 65,400 (d) (e) 155,600 $168,900 (f) $141,900

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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