Lakeland Corporation manufactures and sells a single product. In preparing the budget for the first quarter, the company's cost accountant has assembled the following information:

The company uses the first-in, first-out method of pricing its inventory of finished goods.
Instructions
Compute the following budgeted quantities or dollar amounts:
a. Planned production of finished goods (in units).
b. Cost of finished goods manufactured.
c. Finished goods inventory, March 31. (Remember to use the first-in, first-out method in pricing the inventory.)
d. Cost of goods sold.

Transcribed Image Text:

Units Dollars 40,000 Cost of finished goods manufactured (budgeted manufacturing cost is $48 per unit) 2