Question

certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of manny manufacturing company
now we will fill in the missing information on the income statement. select the heading, then complete the statement
manny manufacturing company
income statement
month ended june 30, 2025
net sales revenue 510,000
cost of goods sold
beginning finished goods inventory $ 113,000
cost of goods manufactured
cost of goods available for sale
ending finished goods inventory
cost of goods sold 229,000
gross profit 281,000
selling and administrative expenses
selling expenses 95,000
administrative expenses
total selling and administrative expenses 165,000
operating income

Explanation:

Step1: Find Cost of Goods Available for Sale

We know that Cost of Goods Sold (COGS) = Cost of Goods Available for Sale - Ending Finished Goods Inventory. But we can also use the formula: Cost of Goods Available for Sale = Beginning Finished Goods Inventory + Cost of Goods Manufactured. However, we can first find Cost of Goods Available for Sale using COGS and Ending Finished Goods Inventory? Wait, no, we know COGS is 229,000, and we can find Cost of Goods Available for Sale as Beginning Finished Goods Inventory + Cost of Goods Manufactured, but also, Cost of Goods Available for Sale - Ending Finished Goods Inventory = COGS. Wait, maybe better to use the formula for Cost of Goods Sold: COGS = Beginning FG + COGM - Ending FG. But we know COGS is 229,000, Beginning FG is 113,000. Wait, also, Cost of Goods Available for Sale = Beginning FG + COGM, and COGS = Cost of Goods Available for Sale - Ending FG. But we can also find Cost of Goods Available for Sale as COGS + Ending FG? No, that's not right. Wait, let's recall:

Cost of Goods Manufactured (COGM) is added to Beginning Finished Goods Inventory to get Cost of Goods Available for Sale. Then, Ending Finished Goods Inventory is subtracted from Cost of Goods Available for Sale to get Cost of Goods Sold.

So, COGS = (Beginning FG + COGM) - Ending FG

But we know COGS is 229,000, Beginning FG is 113,000. Wait, maybe we can find Cost of Goods Available for Sale first? Wait, no, we can find COGM? Wait, no, let's check the other parts. Wait, the Gross Profit is Net Sales - COGS. Net Sales is 510,000, COGS is 229,000, so Gross Profit is 510,000 - 229,000 = 281,000, which matches the given Gross Profit. Good.

Now, let's find Cost of Goods Available for Sale: Cost of Goods Available for Sale = Beginning FG + COGM. But we also know that COGS = Cost of Goods Available for Sale - Ending FG. Wait, but we don't know Ending FG or COGM. Wait, maybe there's a mistake. Wait, no, let's look at the Selling and Administrative Expenses. Total Selling and Administrative Expenses is 165,000, Selling Expenses is 95,000, so Administrative Expenses = 165,000 - 95,000 = 70,000.

Then, Operating Income = Gross Profit - Total Selling and Administrative Expenses = 281,000 - 165,000 = 116,000.

Now, back to Cost of Goods Sold. We know that Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory. But we can also find Cost of Goods Available for Sale as Beginning FG + COGM, and COGS = Cost of Goods Available for Sale - Ending FG. But we need to find COGM and Ending FG? Wait, no, maybe the problem has some missing values, but let's check the given numbers. Wait, the Cost of Goods Sold is 229,000, Beginning FG is 113,000. So, Cost of Goods Available for Sale = Beginning FG + COGM, and COGS = Cost of Goods Available for Sale - Ending FG. But we don't have COGM or Ending FG. Wait, maybe the problem is that we can find Cost of Goods Manufactured? Wait, no, maybe the problem is designed so that we can find the missing values step by step.

Wait, let's list the known values:

- Net Sales Revenue: 510,000
- Cost of Goods Sold: 229,000
- Beginning Finished Goods Inventory: 113,000
- Gross Profit: 281,000 (which is 510,000 - 229,000, correct)
- Selling Expenses: 95,000
- Total Selling and Administrative Expenses: 165,000
- Operating Income:?

First, find Administrative Expenses:

Total Selling and Administrative Expenses = Selling Expenses + Administrative Expenses

So, 165,000 = 95,000 + Administrative Expenses

Administrative Expenses = 165,000 - 95,000 = 70,000

Then, Operating Income = Gross Profit - Total Selling and Administrative Expenses = 281,000 - 165,000 = 116,000

Now, for Cost of Goods Sold:

COGS = Beginning FG + COGM - Ending FG

We know COGS = 229,000, Beginning FG = 113,000

So, 229,000 = 113,000 + COGM - Ending FG

But we also know that Cost of Goods Available for Sale = Beginning FG + COGM

And COGS = Cost of Goods Available for Sale - Ending FG

But we don't have COGM or Ending FG. Wait, maybe the problem has a typo, or maybe we can assume that Ending FG is zero? No, that's not likely. Wait, maybe the Cost of Goods Manufactured is equal to Cost of Goods Available for Sale - Beginning FG? Wait, Cost of Goods Available for Sale = Beginning FG + COGM, so COGM = Cost of Goods Available for Sale - Beginning FG. But we don't know Cost of Goods Available for Sale. Wait, maybe the problem is that the Cost of Goods Manufactured is 229,000 + Ending FG - 113,000. But we can't find that. Wait, maybe the problem is designed to find the missing values in the Selling and Administrative section and Operating Income first, then the Cost of Goods section.

Wait, let's do the Selling and Administrative first:

1. Administrative Expenses: Total Selling and Admin - Selling Expenses = 165,000 - 95,000 = 70,000

2. Operating Income: Gross Profit - Total Selling and Admin = 281,000 - 165,000 = 116,000

Now, Cost of Goods section:

We know that Cost of Goods Available for Sale = Beginning FG + COGM

And COGS = Cost of Goods Available for Sale - Ending FG

But we also know that COGS = 229,000, Beginning FG = 113,000

So, Cost of Goods Available for Sale = 229,000 + Ending FG

But also, Cost of Goods Available for Sale = 113,000 + COGM

So, 113,000 + COGM = 229,000 + Ending FG

But we can't solve for two variables. Wait, maybe the problem has a mistake, or maybe I missed something. Wait, the Cost of Goods Sold is 229,000, and the Gross Profit is 281,000, so Net Sales is 510,000 (229,000 + 281,000), which matches. Now, maybe the Cost of Goods Manufactured is equal to Cost of Goods Available for Sale - Beginning FG, but we need Cost of Goods Available for Sale. Wait, maybe the Ending Finished Goods Inventory is zero? No, that's not realistic. Wait, maybe the problem is that the Cost of Goods Manufactured is 229,000 + Ending FG - 113,000, but we can't find that. Wait, maybe the problem is designed to have the Cost of Goods Manufactured as 229,000 + Ending FG - 113,000, but since we don't have Ending FG, maybe there's a mistake. Wait, no, maybe the Cost of Goods Available for Sale is 113,000 + COGM, and COGS is 229,000, so Cost of Goods Available for Sale = 229,000 + Ending FG. But we can't find that. Wait, maybe the problem is that the Ending Finished Goods Inventory is 113,000 + COGM - 229,000. But we still can't find COGM. Wait, maybe the problem has a typo, or maybe I'm missing something. Wait, let's check the original problem again.

Wait, the problem says "Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement". Maybe we need to use the cost of goods manufactured from the schedule, but since it's not provided, maybe the problem is designed to find the Selling and Administrative Expenses and Operating Income first, then the Cost of Goods section.

Wait, let's proceed with the values we can find:

- Administrative Expenses: 70,000 (165,000 - 95,000)
- Operating Income: 116,000 (281,000 - 165,000)

Now, for the Cost of Goods section:

We know that Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory

Let’s denote:

Beginning FG = 113,000

COGM =?

Ending FG =?

COGS = 229,000

So, 229,000 = 113,000 + COGM - Ending FG

=> COGM - Ending FG = 229,000 - 113,000 = 116,000

But we can't find COGM or Ending FG individually. Wait, maybe the problem assumes that Ending FG is zero, then COGM = 116,000 + 0 = 116,000? No, that doesn't make sense. Wait, maybe the Cost of Goods Manufactured is 229,000 + Ending FG - 113,000, but we can't find that. Wait, maybe the problem has a mistake, or maybe I'm supposed to find the Cost of Goods Available for Sale as 113,000 + COGM, and COGS as 229,000, so Cost of Goods Available for Sale = 229,000 + Ending FG. But we can't find that. Wait, maybe the problem is designed to have the Cost of Goods Manufactured as 229,000 + Ending FG - 113,000, but since we don't have Ending FG, maybe the problem is incomplete. But the user provided the image, so maybe there are more values. Wait, looking back, the Cost of Goods Sold is 229,000, Beginning FG is 113,000, so Cost of Goods Available for Sale is 113,000 + COGM, and COGS is 229,000, so Cost of Goods Available for Sale = 229,000 + Ending FG. But we can't find that. Wait, maybe the Ending Finished Goods Inventory is 113,000 + COGM - 229,000. But we still can't find COGM. Wait, maybe the problem is that the Cost of Goods Manufactured is equal to the Cost of Goods Sold plus Ending FG minus Beginning FG. But without Ending FG, we can't. Wait, maybe the problem has a typo, and the Cost of Goods Manufactured is 229,000 + Ending FG - 113,000, but since we don't have Ending FG, maybe the problem is designed to have the Cost of Goods Manufactured as 229,000 + 0 - 113,000 = 116,000? No, that's not right. Wait, maybe I made a mistake. Let's try again.

Wait, the formula for Cost of Goods Sold is:

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory

We know:

- Beginning Finished Goods Inventory = 113,000
- Cost of Goods Sold = 229,000

So:

229,000 = 113,000 + Cost of Goods Manufactured - Ending Finished Goods Inventory

=> Cost of Goods Manufactured - Ending Finished Goods Inventory = 229,000 - 113,000 = 116,000

But we can't find the individual values. However, maybe the problem assumes that Ending Finished Goods Inventory is equal to Beginning Finished Goods Inventory, so Ending FG = 113,000. Then:

Cost of Goods Manufactured = 116,000 + 113,000 = 229,000

Then, Cost of Goods Available for Sale = 113,000 + 229,000 = 342,000

And COGS = 342,000 - 113,000 = 229,000, which matches. So that works. So maybe Ending FG is 113,000 (same as beginning). Then:

- Cost of Goods Manufactured = 229,000 + 113,000 - 113,000 = 229,000? No, wait, if Ending FG is 113,000, then:

Cost of Goods Manufactured = COGS + Ending FG - Beginning FG = 229,000 + 113,000 - 113,000 = 229,000

Then, Cost of Goods Available for Sale = Beginning FG + COGM = 113,000 + 229,000 = 342,000

And COGS = 342,000 - 113,000 = 229,000, correct.

So, filling in the values:

- Cost of Goods Manufactured: 229,000
- Cost of Goods Available for Sale: 113,000 + 229,000 = 342,000
- Ending Finished Goods Inventory: 113,000 (assuming it's the same as beginning, which is a common assumption if not given)
- Administrative Expenses: 70,000
- Operating Income: 116,000

Let's verify:

- Cost of Goods Available for Sale: 113,000 + 229,000 = 342,000
- COGS: 342,000 - 113,000 = 229,000 (correct)
- Administrative Expenses: 165,000 - 95,000 = 70,000 (correct)
- Operating Income: 281,000 - 165,000 = 116,000 (correct)

So the missing values are:

- Cost of Goods Manufactured: 229,000
- Cost of Goods Available for Sale: 342,000
- Ending Finished Goods Inventory: 113,000
- Administrative Expenses: 70,000
- Operating Income: 116,000

But let's check the steps again.

Step1: Calculate Administrative Expenses

Total Selling and Administrative Expenses = Selling Expenses + Administrative Expenses
$165,000 = 95,000 + \text{Administrative Expenses}$
$\text{Administrative Expenses} = 165,000 - 95,000 = 70,000$

Step2: Calculate Operating Income

Operating Income = Gross Profit - Total Selling and Administrative Expenses
$\text{Operating Income} = 281,000 - 165,000 = 116,000$

Step3: Calculate Cost of Goods Manufactured and Related Values (Assuming Ending FG = Beginning FG)

Assume Ending Finished Goods Inventory = Beginning Finished Goods Inventory = $113,000$ (common if not given).

Cost of Goods Sold = Beginning FG + COGM - Ending FG
$229,000 = 113,000 + \text{COGM} - 113,000$
$\text{COGM} = 229,000$

Cost of Goods Available for Sale = Beginning FG + COGM
$\text{Cost of Goods Available for Sale} = 113,000 + 229,000 = 342,000$

Answer:

• Cost of Goods Manufactured: $\boldsymbol{229,000}$
• Cost of Goods Available for Sale: $\boldsymbol{342,000}$
• Ending Finished Goods Inventory: $\boldsymbol{113,000}$
• Administrative Expenses: $\boldsymbol{70,000}$
• Operating Income: