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Artist 52 [7]
3 years ago
13

Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income stat

ement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $64,900 $18,800 (e) Cost of goods manufactured 331,000 (c) 65,800 Cost of finished goods available for sale (a) $178,600 $103,400 Finished goods inventory, June 30 76,800 37,500 (f) Cost of goods sold
Business
1 answer:
WARRIOR [948]3 years ago
7 0

Answer;

Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

Cost of goods sold = Cost of finished goods available for sale - Ending finished goods

a. Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

331,000 = a - 64,900

a = 331,000 + 64,900

= $395,900

b. Cost of goods sold = Cost of goods manufactured - Ending finished goods

b = 395,900  - 76,800

= $319,800

c. Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

c = 178,600 - 18,800

= $159,800

d. Cost of goods sold = Cost of finished goods available for sale - Ending finished goods

d = 178,600 - 37,500

= $141,100

e. Cost of goods manufactured =  Cost of finished goods available for sale - Beginning inventory of finished goods.

65,800 = 103,400 - e

e = 103,400 - 65,800

= $37,600

f. Cost of goods sold = Cost of finished goods available for sale - Ending finished goods

- missing figure (ending finished goods).

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Rodriquez Company budgeted the following sales in units: January 30,000 February 20,000 March 40,000 Rodriquez's policy is to ha
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24,000 units

Explanation:

Given:

Budgeted sales for January = 30,000

Budgeted sales for February = 20,000

Opening inventory in January = 7,500

Desired ending inventory = 20% of sales in February

                                        = 0.2 × 20,000

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Budgeted sales for March = 40,000

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Desired ending inventory = 20% of sales in March

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                                        = 8,000 units

Units required in February = 20,000 + 8,000

                                        = 28,000 units

Units to be produced in February = 28,000 - opening inventory

                                                         = 28,000 - 4,000

                                                         = 24,000 units

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3 years ago
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