Question

coopie awards budgeted cost of goods sold for current year

og nye Styles Clipboard Font Alignment Number C15 X fe BCDEFGHALT 1 Assume the estimated January 1 inventory for finished goods and work in process were $54,000 and $47,000 respectively. Also assume the desired December 31 inventories fo 2 finished goods and work in process were $50,000 and $49,000 respectively. Factory overhead was budgeted for $126,000. 4 Using the information on the previous tabs, prepare a cost of goods sold budget for Coopie Awards for the current year. 1 $ 101,000 Coopie Awards Budgeted Cost of Goods Sold For the current year 9 Work in process Inventory January 1 10 Direct Materials: 11 Direct materials inventory January 1 (Note a) $ 28,800 12 Direct materials purchases 536,640 13 Cost of direct materials available for sale 99,000 14 Less direct materials December 31 (note b) 24000 15 Cost of direct materials used in production 16 Direct labor 17 Factory Overhead 18 Cost of goods added to production 19 Cost of goods available 20 Less work in process December 31 inventory 21 Cost of goods manufactured Z2 Plus Finished goods January 1 717,240 126,000 $ 536,640 Production Budget Dect labor cost budget Direct Materials Budget Cost of Goods Sold Budget Selling

Answer 1

$47,000 Coopie Awards Budgeted Cost of Goods Sold For the current year Work in process invantory, January 1 Direct Materials: Direct materials inventory, January 1 $28,800 Direct materials purchases $536,640 Cost of direct materials available for sale $565,440 Less: Direct materials inventory, December 31 $24,000 Cost of direct materials used in production Direct Labor Factory overhead Cost of goods added to production Cost of goods available Less: Work in process invantory, December 31 Cost of goods manufactured Add: Finished goods, January 1 Cost of goods available for sale Less: Finished goods, December 31 Cost of goods sold $541,440 $717,240 $126,000 $1,384,680 $1,431,680 $49,000 $1,382,680 $54,000 $1,436,680 $50,000 $1,386,680