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Budget Information Table Finished goods ending inventory 150,000 Finished goods beginning inventory 100,000 MOH costs in production 462,000 Direct labor costs in production 336,000 Direct
Budget Information Table | |
Finished goods ending inventory | 150,000 |
Finished goods beginning inventory | 100,000 |
MOH costs in production | 462,000 |
Direct labor costs in production | 336,000 |
Direct materials ending inventory | 24,000 |
Direct materials beginning inventory | 16,000 |
Direct materials purchases | 260,000 |
Income taxes | 74,000 |
Interest expense | 3,000 |
Selling and administrative expense | 812,000 |
Sales revenue | 2,000,000 |
Cost of Goods Sold Calculation | |
Direct materials purchases | |
Direct materials beginning inventory | |
Less: direct materials ending inventory | |
Direct materials costs in production | |
Direct labor costs in production | |
MOH costs in production | |
Cost of goods manufactured | |
Finished goods beginning inventory | |
Less: finished goods ending inventory | |
Cost of goods sold | |
Budgeted Income Statement | |
Sales revenue | |
Cost of goods sold | |
Gross margin | |
Selling & administrative expenses | |
Operating income | |
Interest expense | |
Net income before taxes | |
Income taxes | |
Net income after taxes | |
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