Question

Instruction Sleep Tight, Inc, manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37.000, $31,000, and $29,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were 544,000 $36,000, and $20,000, respectively. Direct materials purchases were $560,000, direct labor was $209,000 for the year, and factory overhead was $149,000 Required: Prepare a cost of goods sold budget for Sleep Tight, in refer to the list of Label and Amount Descriptions for the exact wording of the answer choles for testet Loss or Plus' will automatically spear it is required. Be sure to complete the statement heading

Answer 1

Sowtion Particulars 1-Amount Amount 29000 560000 589000 Direct Material: Beginning Material Inventory cost of material purchased Cost of Material available Less: Desired Ending Material Inventory Direct Material used Threct Labor factory overhead 20000 569000 201000 149000 919000 31000 950000 36000 Total manufacturing cost for the Year Add: Beginning wip Total cost of work in process during in the year Less: Ending wir Cost of goods manufactured Add! Beginning finished goods Inventory Cost of goods available for sale Less: Ending fonished goods Inventory 9140 00 37000 951000 44000 Budgeted cost of goods sold 907000