E7-5 Preparing cost of goods sold budget Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following esti- mates. Inventories of production units: January 1, 2016 December 31, 2016. Finished Goods $13,900 24,200 Direct materials purchased during the year, $548,000; begin- ning inventory of direct materials, $36,000; and ending inventory of direct materials, $23,000. Totals from other budgets included: Direct labor cost. Total factory overhead costs $395,500 481,000

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Preparing cost of goods sold budget Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, $548,000; beginning inventory of direct materials, $36,000; and ending inventory of direct materials, $23,000. Totals from other budgets included