Preparing cost of goods sold budget
Prepare a cost of goods sold budget for Kenwood Manufacturing Inc. for the year ended December 31, 2013, from the following estimates. Inventories of production units:
Direct materials purchased during the year, $548,000; beginning inventory of direct materials, $36,000; and ending inventory of direct materials, $23,000. Totals from other budgets included:
Direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $395,500
Total factory overhead costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481,000
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