Cost of Goods Sold Budget

Universal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted 29,600 barrels of oil for purchase in April for $64 per barrel. Direct labor budgeted in the chemical process was $246,300 for April. Factory overhead was budgeted $341,000 during April. The inventories on April 1 were estimated to be:

Oil	$17,200
P1	11,600
P2	9,900
Work in process	14,300

The desired inventories on April 30 were:

Oil	$19,000
P1	10,600
P2	9,400
Work in process	14,800

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Use the preceding information to prepare a cost of goods sold budget for April 2015.

Universal Chemical Company
Cost of Goods Sold Budget
For the Month Ending April 30, 2015
Cost of direct materials available for use Direct labor Factory overhead Finished goods inventory, April 1, 2015 Total work in process during period Correct 4						$ Correct 5
Direct labor Factory overhead Work in process inventory, April 1, 2015 Work in process inventory, April 30, 2015 Total work in process during period Correct 6				$ Correct 7
Direct materials:
Cost of direct materials available for use Direct labor Direct materials inventory, April 1, 2015 Direct materials inventory, April 30, 2015 Total work in process during period Correct 9		$ Correct 10
Cost of goods sold Direct labor Direct materials purchases Finished goods inventory, April 30, 2015 Total work in process during period Correct 11		Correct 12
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 Correct 13		$ Correct 14
Less direct labor Less direct materials inventory, April 30, 2015 Less factory overhead Less finished goods inventory, April 1, 2015 Less total work in process during period Correct 15		Correct 16
Cost of direct materials placed in production Cost of goods sold Finished goods inventory, April 1, 2015 Finished goods inventory, April 30, 2015 Work in process inventory, April 30, 2015 Correct 17		$ Correct 18
Cost of goods sold Direct labor Total work in process during period Work in process inventory, April 1, 2015 Work in process inventory, April 30, 2015 Correct 19		Correct 20
Direct materials inventory, April 1, 2015 Direct materials inventory, April 30, 2015 Factory overhead Total work in process during period Work in process inventory, April 30, 2015 Correct 21		Correct 22
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 Correct 23				Correct 24
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 Correct 25				$ Correct 26
Less direct labor Less direct materials inventory, April 30, 2015 Less factory overhead Less finished goods inventory, April 1, 2015 Less work in process inventory, April 30, 2015 Correct 27				Correct 28
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 Correct 29						Correct 30
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 Correct 31						$ Correct 32
Less direct labor Less direct materials inventory, April 30, 2015 Less factory overhead Less finished goods inventory, April 30, 2015 Less work in process inventory, April 30, 2015 Correct 33						Correct 34
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 Correct 35						$