Cost of Goods Sold Budget The cost of goods sold budoet integrates the direct materials purchases budget, drea Sabor cost budget and actory overhead cost budget. Estimated and desires inventories for direct materials, work in process, and finished goods must be integrated into the cost of goods sold budget Complete the preparation of the cost of goods sold budget for enco, using information that follows provided by the controller and using the prious budgets you have preured, Learco Cost of Goods Sold Budget for the Year Ending December 31, 2012 Finished goods inventory, January 1, 2012 19.070 Work in process inventory, January 1, 2012 $2.010 Direct materials: Direct materials inventory, January 1, 2012 51,600 Direct materials purchases Cost of direct materials available for use Direct materials inventory, December 31, 2012 11.440) Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during period Work in process inventory, December 31, 2012 Cost of goods manufactured Cost of finished goods available for sale (1.250) Selling/admin. Expenses Budget The sales budget is often used as the starting point for the selling and administrative student. For example, a budented increase in sales may require more advertising expenses Learno has prepared its selling and administrative expenses budget an follow. This budort is merely reviewed by you for use on the budgeted income statement Learnco Selling and Administrative Expenses Budget For the Year Ending December 31, 2012 Selling expenses Sales salaries open 145,000 Advertising expense 15.000 Travel expense 5.400 Total selling expense 165.400 Administrative expert Officers salaries expense 185.000 Office salaries expens 35,000 Office rent expense 25,000 Office supplies expense 5.400 Miscellaneous administrative expenses Total administrative expenses 154,000 Total selling and administrative expenses $219,400 Budapted Income Statement 1.600 Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the title round the computed amount for Income tax to the news toda dollar Hudgeted Income Statement Data Table Interest revenue for the year $2.000 Interest expense for the year $1,500 Learnco income tax rate 0 Learnco Budgeted Income Statement For the Year Ending December 31, 2012 Havenue from sales Cost of goods sold 8 Gross pront Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Operating Income Other revenue and expense Interest revenue Interest expense Income before income tax Income tax Cost of Goods Sold Budget The cost of goods sold budoet integrates the direct materials purchases budget, drea Sabor cost budget and actory overhead cost budget. Estimated and desires inventories for direct materials, work in process, and finished goods must be integrated into the cost of goods sold budget Complete the preparation of the cost of goods sold budget for enco, using information that follows provided by the controller and using the prious budgets you have preured, Learco Cost of Goods Sold Budget for the Year Ending December 31, 2012 Finished goods inventory, January 1, 2012 19.070 Work in process inventory, January 1, 2012 $2.010 Direct materials: Direct materials inventory, January 1, 2012 51,600 Direct materials purchases Cost of direct materials available for use Direct materials inventory, December 31, 2012 11.440) Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during period Work in process inventory, December 31, 2012 Cost of goods manufactured Cost of finished goods available for sale (1.250) Selling/admin. Expenses Budget The sales budget is often used as the starting point for the selling and administrative student. For example, a budented increase in sales may require more advertising expenses Learno has prepared its selling and administrative expenses budget an follow. This budort is merely reviewed by you for use on the budgeted income statement Learnco Selling and Administrative Expenses Budget For the Year Ending December 31, 2012 Selling expenses Sales salaries open 145,000 Advertising expense 15.000 Travel expense 5.400 Total selling expense 165.400 Administrative expert Officers salaries expense 185.000 Office salaries expens 35,000 Office rent expense 25,000 Office supplies expense 5.400 Miscellaneous administrative expenses Total administrative expenses 154,000 Total selling and administrative expenses $219,400 Budapted Income Statement 1.600 Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the title round the computed amount for Income tax to the news toda dollar Hudgeted Income Statement Data Table Interest revenue for the year $2.000 Interest expense for the year $1,500 Learnco income tax rate 0 Learnco Budgeted Income Statement For the Year Ending December 31, 2012 Havenue from sales Cost of goods sold 8 Gross pront Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Operating Income Other revenue and expense Interest revenue Interest expense Income before income tax Income tax