Cont of Goods Sold Budget Harbour Inc. budgeted production of 258,000 personal yournals in 2076. Paper is required to produce a journal. Assume 5 square yards of paper are required for each Journal. The estimated January 1, 2006, paper inventory 25,100 square yard. The deseed December 31, 2076, paper inventory 17,000 sure yards, Paper costs $0.60 per square Yard Each Journal requires astmbly. Assume that 6 minutes are required to assemble each journal Assembly labor costs $16.50 per hour Prepare a cost of goods sold budget for Harbour Inc. using the information above. Assume the estimated inventories on January 1, 2016, for fished goods and work in process were 541,100 and 535,700, respectively. Also assume the desired inventories on December 31, 2016, for hished goods and work in proces were $49,600 and $50,900, respectively, Factory overhead was bodgeted at $197.200. Round your interim calculations to nearest cent, if required. Harbour Inc. Cost of Goods Sold Budget For the Year Ending December 31, 2016 Finished goods inventory Lamary 1 2016 11.100 Work in proces inventory Lanuary 1, 2016 35.00 Direct manas: Direct materials inventory January 1, 2016 15.00 Di materials purchases 774.000 x Cast of directe als available for use x Les direct materialientes. December 2016 10.200 Cost of direct material place is production 77 x TO Director farmerhead 197.200 774.000 X rect materials purchases Cost of direct materials available for use Less direct materials inventory, December 31, 2016 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs 709,060 X 10.200 778.860 X 425.700 199.300 LAOL160 x 1.437,460 X 50.00 . Total work in process during period Less work in process inventory, December , Yoyo Cost of goods manufactured Cost of finished goods available for sale tess finished goods inventory, December 31, 2046 1.560 x 1.427.760 x . 49.000 Cost of goods sold 177.00 X Frid Cont of Goods Sold Budget Harbour Inc. budgeted production of 258,000 personal yournals in 2076. Paper is required to produce a journal. Assume 5 square yards of paper are required for each Journal. The estimated January 1, 2006, paper inventory 25,100 square yard. The deseed December 31, 2076, paper inventory 17,000 sure yards, Paper costs $0.60 per square Yard Each Journal requires astmbly. Assume that 6 minutes are required to assemble each journal Assembly labor costs $16.50 per hour Prepare a cost of goods sold budget for Harbour Inc. using the information above. Assume the estimated inventories on January 1, 2016, for fished goods and work in process were 541,100 and 535,700, respectively. Also assume the desired inventories on December 31, 2016, for hished goods and work in proces were $49,600 and $50,900, respectively, Factory overhead was bodgeted at $197.200. Round your interim calculations to nearest cent, if required. Harbour Inc. Cost of Goods Sold Budget For the Year Ending December 31, 2016 Finished goods inventory Lamary 1 2016 11.100 Work in proces inventory Lanuary 1, 2016 35.00 Direct manas: Direct materials inventory January 1, 2016 15.00 Di materials purchases 774.000 x Cast of directe als available for use x Les direct materialientes. December 2016 10.200 Cost of direct material place is production 77 x TO Director farmerhead 197.200 774.000 X rect materials purchases Cost of direct materials available for use Less direct materials inventory, December 31, 2016 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs 709,060 X 10.200 778.860 X 425.700 199.300 LAOL160 x 1.437,460 X 50.00 . Total work in process during period Less work in process inventory, December , Yoyo Cost of goods manufactured Cost of finished goods available for sale tess finished goods inventory, December 31, 2046 1.560 x 1.427.760 x . 49.000 Cost of goods sold 177.00 X Frid
