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. $ 116,600$ 38,880Finished goods inventory, June 1Cost of goods manufacturedCost of finished goods available for saleFinished goods inventory, June 30Cost of goods sold(e)825,900(a)130,000(b)(c)$540,000180,000$1,100,00070,000(f)(d)$ 945,000

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

$ 116,600 $ 38,880 Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold (e) 825,900 (a) 130,000 (b) (c) $540,000 180,000 $1,100,000 70,000 (f) (d) $ 945,000

$ 116,600 $ 38,880 Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold (e) 825,900 (a) 130,000 (b) (c) $540,000 180,000 $1,100,000 70,000 (f) (d) $ 945,000

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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Question

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.

$ 116,600
$ 38,880
Finished goods inventory, June 1
Cost of goods manufactured
Cost of finished goods available for sale
Finished goods inventory, June 30
Cost of goods sold
(e)
825,900
(a)
130,000
(b)
(c)
$540,000
180,000
$1,100,000
70,000
(f)
(d)
$ 945,000

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