Clipboard IS Font Alignment IN D7 X V fx A B D E G 2 Cost of Goods Sold Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Raw Materials Inventory Raw Materials Inventory as of January 1, 2021 plus Total Cost of PSP Purchases for 2021 (from Raw Materials Budget) less Raw Materials Inventory as of December 31, 2021 (from Raw Materials Budget) ( ) 10 equals Cost of Raw Materials Transferred to Work-in-Process Inventory 11 12 Work-in-Process Inventory (WIP) 14 Work-in-Process Inventory as of January 1, 2021 $0 Fix the Format of All White Cells 15 plus Cost of Raw Materials Transferred to Work-in-Process Inventory and Restore the Zeros in Cells D14 and 16 plus Total Direct Labor $'s for 2021 (from Direct Labor Budget) 17 plus Total Manufacturing Overhead Cost for 2021 (from Manufacturing Overhead Budget) 18 less Work-in-Process Inventory as of December 31, 2021 () 0) 19 equals Cost of Work-in-Process Transferred to Finished Goods Inventory 20 21 Finished Goods Inventory and Cost of Goods Sold 23 Finished Goods Inventory as of January 1, 2021 24 plus Cost of Work-in-Process Transferred to Finished Goods Inventory 25 less Finished Goods Inventory as of Dec. 31, 2021 (from Finished Goods Inventory Budget) () 26 Cost of Goods Sold 27 Check Amount + $1,155,760 28 29 30 Multiple Choice Questions 32 1. Using the data in the simple example on Pg. 1 of the Cost of Goods Sold Budget.pdf Answer. 33 document, what would be Cost of Goods Sold if Raw Materials Inventory as of December 31, 2021 was $$25 rather than $20? 34 A. $990 35 B. $995 36 C. $1,000 37 D. $1,005 39 2. Which one of the following statements is correct? Answer 40 A. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Forecasted Balance Sheet. 41 B. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Cash Budget. 42 C. Cost of Goods Sold, on the Cost of Goods Sold Budget, is an input to the Forecasted Income Statement. 43 D. None of the above statements are correct. 44 45 Start Inputs Sales Prod RawMat DirLab MfgOH FinGoods CofGS SGA Cash IncSta Type here to search O 9