Cost of Goods Sold Budget

Universal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted 30,300 barrels of oil for purchase in April for $68 per barrel. Direct labor budgeted in the chemical process was $226,600 for April. Factory overhead was budgeted $370,900 during April. The inventories on April 1 were estimated to be:

Oil	$15,900
P1	10,700
P2	9,100
Work in process	13,100

The desired inventories on April 30 were:

Oil	$17,400
P1	9,700
P2	8,600
Work in process	13,600

Use the preceding information to prepare a cost of goods sold budget for April 2017.

Universal Chemical Company
Cost of Goods Sold Budget
For the Month Ending April 30, 2017
Finished goods inventory, April 1, 2017			$
Work in process inventory, April 1, 2017		$
Direct materials:
Direct materials inventory, April 1, 2017	$
Direct materials purchases
Cost of direct materials available for use	$
Less direct materials inventory, April 30, 2017
Cost of direct materials placed in production	$
Direct labor
Factory overhead
Total manufacturing costs
Total work in process during the period		$
Less work in process inventory, April 30, 2017
Cost of goods manufactured
Cost of finished goods available for sale			$
Less finished goods inventory, April 30, 2017
Cost of goods sold			$

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