Question
In: Accounting
Income Statement for a Manufacturing Company Two items are omitted from each of the following three...
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, November 1 $70,100 $23,800 (e) Cost of goods manufactured 371,500 (c) 83,300 Cost of finished goods available for sale (a) $226,100 $130,900 Finished goods inventory, November 30 85,700 47,500 (f) Cost of goods sold (b) (d) $120,400 a. $ b. $ c. $ d. $ e. $ f. $
Solutions
Expert Solution
Answer:
Answer to Part a
& b.
Cost of finished goods available for sale = Finished Goods
Inventory, November 1 + Cost of Goods Manufactured
Cost of finished goods available for sale (a) = $70,100 +
$371,500
Cost of finished goods available for sale (a) =
$441,600
Cost of Goods Sold = Cost of finished goods available for sale -
Finished Goods Inventory, November 30
Cost of Goods Sold (b) = $441,600 - $85,700
Cost of Goods Sold (b) = $355,900
Answer to Part c & d.
Cost of finished goods available for sale = Finished Goods
Inventory, November 1 + Cost of Goods Manufactured
$226,100 = $23,800 + Cost of Goods Manufactured (c)
Cost of Goods Manufactured (c) = $202,300
Cost of Goods Sold = Cost of finished goods available for sale -
Finished Goods Inventory, November 30
Cost of Goods Sold (d) = $226,100 - $47,500
Cost of Goods Sold (d) = $178,600
Answer to Part e & f.
Cost of finished goods available for sale = Finished Goods
Inventory, November 1 + Cost of Goods Manufactured
$130,900 = Finished Goods Inventory, November 1 (e) + $83,300
Finished Goods Inventory, November 1 (e) =
$47,600
Cost of Goods Sold = Cost of finished goods available for sale -
Finished Goods Inventory, November 30
$120,400 = $130,900 - Finished Goods Inventory, November 30
(f)
Finished Goods Inventory, November 30 (f) =
$10,500
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