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joshuahagerman1404
06.05.2020 •
Business
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $36,000, $34,000 and $26,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $42,000, $33,000 and $19,000 respectively. Direct material purchases were $580,000. Direct labor was $202,000 for the year. Factory overhead was $144,000. Prepare a cost of goods sold budget for Sleep Tight, Inc.
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Ответ:
Sleep Tight, Inc.
Cost of Goods Sold Budget:
RAW MATERIALS COSTS
January 1 Inventory of materials = $26,000
Direct Materials Purchases = $580,000
Less December 31 Inventory = $19,000
Cost of Materials used in production = $587,000
PRODUCTION COSTS
January 1 work in process = $34,000
Cost of materials used in production = $587,000
Direct Labour = $202,000
Factory Overhead = $144,000
less December 31 work in process = $33,000
Cost of goods produced = $934,000
FINISHED GOODS COSTS
January 1 Finished Goods = $36,000
Cost of goods produced = $934,000
less December 31 Finished Goods = $42,000
Cost of Goods Sold = $928,000
Explanation:
An alternative way to prepare the above budget would be to add all the opening inventories to purchases, direct labour, and factory overhead. From the total, deduct the closing inventories.
January 1 Inventory of materials = $26,000
January 1 work in process = $34,000
January 1 Finished Goods = $36,000
Direct Materials Purchases = $580,00
Direct Labour = $202,000
Factory Overhead = $144,000
a) Total = $1,022,000
less:
December 31 Inventory = $19,000
December 31 work in process = $33,000
December 31 Finished Goods = $42,000
b) Total = $94,000
Cost of Goods Sold (a-b) = $928,000
However, this second approach is lacking in details. As such, it is not very informative. The first arrangement displayed the cost of raw materials used for production, cost of goods produced, and then the cost of goods sold.
Ответ:
answer:
line 5
step-by-step explanation: