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$55,800 $17,300 (e)Cost of goods manufactured301,300 (c) 60,600Cost of finished goods available for sale(a) $164,400 $95,200Finished goods inventory, June 3069,300 34,500 (f)Cost of goods sold(b) (d) $87,600 е.f.%24%24%24%24%24%24

Inventory: It refers to the items held by an organization which were in various forms like raw…

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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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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	$55,800	$17,300	(e)
Cost of goods manufactured	301,300	(c)	60,600
Cost of finished goods available for sale	(a)	$164,400	$95,200
Finished goods inventory, June 30	69,300	34,500	(f)
Cost of goods sold	(b)	(d)	$87,600

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