Question
In: Accounting
wo items are omitted from each of the following three lists of cost of goods sold...
wo 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 | $116,600 | $38,880 | (e) | ||
| Cost of goods manufactured | 825,900 | (c) | 180,000 | ||
| Cost of finished goods available for sale | (a) | $540,000 | $1,100,000 | ||
| Finished goods inventory, June 30 | 130,000 | 70,000 | (f) | ||
| Cost of goods sold | (b) | (d) | $945,000 |
| a. | $ |
| b. | $ |
| c. | $ |
| d. | $ |
| e. | $ |
| f. | $ |
Solutions
Expert Solution
Solution :
- Cost of finished goods available for sale = Finished goods inventory, June 1 + Cost of goods manufactured
- Cost of goods sold = Cost of finished goods available for sale - Finished goods inventory, June 30
- Cost of goods manufactured = Cost of finished goods available for sale - Finished goods inventory, June 1
- Cost of goods sold = Cost of finished goods available for sale - Finished goods inventory, June 30
- Finished goods inventory, June 1 = Cost of finished goods available for sale - Cost of goods manufactured
- Finished goods inventory, June 30 = Cost of finished goods available for sale - Cost of goods sold
|
Finished goods inventory, June 1 |
$ 116,600 |
$38,880 |
$ 920000 |
||
|
Cost of goods manufactured |
$ 8,25,900.00 |
501,120 |
1,80,000 |
||
|
Cost of finished goods available for sale |
$ 9,42,500.00 |
$540,000 |
$1,100,000 |
||
|
Finished goods inventory, June 30 |
$ 1,30,000.00 |
70,000 |
$ 155000 |
||
|
Cost of goods sold |
$ 8,12,500.00 |
470000 |
$945,000 |
|
a. |
$ 9,42,500 |
|
b. |
$ 8,12,500 |
|
c. |
$ 5,01,120 |
|
d. |
$ 4,70,000 |
|
e. |
$ 9,20,000 |
|
f. |
$ 1,55,000 |
ekkarill92 answered 1 year agoRelated Solutions
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