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Cost of Goods Sold Budget MyLife Chronicles Inc. budgeted production of 238,900 diaries in 2016. Paper is required to produce a diary. Assume five square

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Cost of Goods Sold Budget MyLife Chronicles Inc. budgeted production of 238,900 diaries in 2016. Paper is required to produce a diary. Assume five square yards of paper are required for each dary. The estimated January 1, 2016, paper inventory is 32,400 square yards. The desired December 31, 2016, paper inventory is 30,800 square yards. Paper costs $0,30 per square yard. Each diary requires assembly. Assume that six minutes are required to assemble each diary. Assembly labor costs $12.00 per hour. Prepare a cost of goods sold budget for MyLife Chronicles Inc. using the information above. Assume the estimated inventories on January 1, 2016, for finished goods and work in process were $25,000 and 519,000, respectively. Also assume the desired inventories on December 31, 2016, for finished goods and work in process were $31,500 and $16,700, respectively. Factory overhead was budgeted at $197,100. Round your interim calculations to nearest cent, if required. Mylie Chronicles Inc Cost of Goods Sold Budget For the Year Ending December 2016 Finished goods inventory, January 1, 2016 25.000 Work in process inventory, January 1, 2016 19,000 Direct materials: Direct materials inventory, January 1, 2016 Direct materials purchases Cost of direct materials available for Les direct materials inventory, December 31, 2016 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs 842.130 Total work in process during period Cost of Goods Sold Budget For the Year Ending December 31, 2016 Finished goods inventory, January 1, 2016 25,000 Work in process inventory, January 1, 2016 $ 19,000 Direct materials: Direct materials inventory, January 1, 2016 9,720 Direct materials purchases Cost of direct materials available for use $ 357,870 9,240 9,240 Less direct materials inventory, December 31, 2016 $ Cost of direct materials placed in production Direct labor 358,350 286,680 197,100 Factory overhead Total manufacturing costs 842,130 25,000 Total work in process during period Less work in process inventory, December 31, 2016 31,500 Cost of goods manufactured 835,630 X Cost of finished goods available for sale 1,900 16,700 Less finished goods inventory, December 31, 2016 837,930 Cost of goods sold

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