Final answer:
To determine the missing amount for ending finished goods inventory, the cost of goods manufactured needs to be calculated using the formula: Cost of Goods Manufactured = Beginning Work in Process Inventory + Total Manufacturing Costs - Ending Work in Process Inventory.
Step-by-step explanation:
Before determining the missing amount for ending finished goods inventory, the cost of goods manufactured needs to be calculated. The cost of goods manufactured represents the total cost incurred by a company to produce the goods that are ready for sale or have been sold. It includes the direct materials, direct labor, and manufacturing overhead costs.
To calculate the cost of goods manufactured, you need to consider the following formula:
Cost of Goods Manufactured = Beginning Work in Process Inventory + Total Manufacturing Costs - Ending Work in Process Inventory
By using this formula and the relevant information provided, you can calculate the cost of goods manufactured.