Question
Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware An accounting device used
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Cost of Goods Sold Budget
Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware An accounting device used to plan and control resources of operational departments and divisions.budgeted 28,700 barrels of oil for purchase in June for $76 per barrel. Direct labor budgeted in the chemical process was $261,700 for June. Factory overhead was budgeted at $392,600 during June. The inventories on June 1 were estimated to be:
Oil $18,300 P1 12,300 P2 10,500 Work in process 15,200 The desired inventories on June 30 were:
Oil $20,200 P1 11,300 P2 9,900 Work in process 15,700 Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, June 1 - Cost of direct materials available for use
- Direct labor
- Factory overhead
- Finished goods inventory, June 1
- Total work in process during period
$ Work in process inventory, June 1 - Direct labor
- Factory overhead
- Work in process inventory, June 1
- Work in process inventory, June 30
- Total work in process during period
$ Direct materials: Direct materials inventory, June 1 - Cost of direct materials available for use
- Direct labor
- Direct materials inventory, June 1
- Direct materials inventory, June 30
- Total work in process during period
$ Direct materials purchases - Cost of goods sold
- Direct labor
- Direct materials purchases
- Finished goods inventory, June 30
- Total work in process during period
Cost of direct materials available for use - Cost of direct materials available for use
- Cost of finished goods available for sale
- Cost of goods manufactured
- Cost of goods sold
- Total manufacturing costs
$ Direct materials inventory, June 30 - Direct labor
- Direct materials inventory, June 30
- Factory overhead
- Finished goods inventory, June 1
- Total work in process during period
Cost of direct materials placed in production - Cost of direct materials placed in production
- Cost of goods sold
- Finished goods inventory, June 1
- Finished goods inventory, June 30
- Work in process inventory, June 30
$ Direct labor - Cost of goods sold
- Direct labor
- Total work in process during period
- Work in process inventory, June 1
- Work in process inventory, June 30
Factory overhead - Direct materials inventory, June 1
- Direct materials inventory, June 30
- Factory overhead
- Total work in process during period
- Work in process inventory, June 30
Total manufacturing costs - Cost of direct materials available for use
- Cost of finished goods available for sale
- Cost of goods sold
- Cost of goods manufactured
- Total manufacturing costs
Total work in process during the period - Cost of direct materials available for use
- Cost of finished goods available for sale
- Cost of goods manufactured
- Cost of goods sold
- Total work in process during the period
$ Work in process inventory, June 30 - Direct labor
- Direct materials inventory, June 30
- Factory overhead
- Finished goods inventory, June 1
- Work in process inventory, June 30
Cost of goods manufactured - Cost of direct materials available for use
- Cost of finished goods available for sale
- Cost of goods manufactured
- Cost of goods sold
- Total work in process during the period
Cost of finished goods available for sale - Cost of direct materials available for use
- Cost of finished goods available for sale
- Cost of goods manufactured
- Cost of goods sold
- Total work in process during the period
$ Finished goods inventory, June 30 - Direct labor
- Direct materials inventory, June 30
- Factory overhead
- Finished goods inventory, June 30
- Work in process inventory, June 30
$ Cost of goods sold - Cost of direct materials available for use
- Cost of finished goods available for sale
- Cost of goods manufactured
- Cost of goods sold
- Total work in process during the period
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