Elite Accessories wishes to prepare a cost of goods sold budget for the year ended December 31, 20-. The controller assembled the information for constructing the cost of goods sold budget. Click on the table icon to view the details. Prepare a (a) Production budget (b) Direct materials purchases budget (c) Direct labor cost budget and (d) Cost of goods sold budget. 404,000 528,000 Move the slider to change the values. Expected wallet units to be sold 280,000 700,000 Expected handbag units to be sold Click on to view the information. 528,000 404,000 280,000 108,000 The cost of goods sold budget incorporates the direct materials, direct labor, and overhead budgets for total manufacturing costs of $9,522,780. Of this total, $2,582,100 is budgeted for direct materials, $4,851,600 is budgeted for direct labor, and $2,089,080 is budgeted for factory overhead. After considering work in process inventories, the total budgeted cost of goods manufactured and transferred to finished goods is $9,517,180. Based on expected sales, the budgeted cost of goods sold is $9,047,780 Close Elite Accessories Cost of Goods Sold Budget For the Year Ending December 31, 20-- Finished goods inventory, January 1, 20-- $ 1,095,600 $ 214,400 Work in process inventory, January 1, 20- Direct materials: Direct materials inventory, January 1, 20- S 99,000 Direct materials purchases 2,587,500 $2,686,500 Cost of direct materials available for use Less direct materials inventory, December 31, 20- 104,400 $2,582,100 Cost of direct materials placed into production Direct labor 4,851,600 Factory overhead 2,089,080 Total manufacturing costs 9,522,780 Total work in process during the period $9,737,180 Less work in process inventory, December 31, 20-- 220,000 9,517,180 Cost of goods manufactured $10,612,780 Cost of finished goods available for sale Less finished goods inventory, December 31, 20- 1,565,000 $9,047,780 Cost of goods sold Use the Dynamic Exhibit to answer the following questions. 1. When the number of wallets. o be sold is 280, 000, the direct materlals to be sold is 528,000 and the number of handbags purchased is s the direct labor cost budget is # and the cost of goods sold budget is 2. When the number of wallets and the cost of goods sold budget is $ be sold is 700,000 and the number of handbags to be sold is 108, 000, the direct materials to be purchased is s the direct labor cost budget is the direct labor cost budget is $ 3. When the number of wallets to be sold is 280,000 and the number of handbags to be sold is 528, 000, the direct materials to be purchased is $ and the cost of goods sold budget is $ Elite Accessories wishes to prepare a cost of goods sold budget for the year ended December 31, 20-. The controller assembled the information for constructing the cost of goods sold budget. Click on the table icon to view the details. Prepare a (a) Production budget (b) Direct materials purchases budget (c) Direct labor cost budget and (d) Cost of goods sold budget. 404,000 528,000 Move the slider to change the values. Expected wallet units to be sold 280,000 700,000 Expected handbag units to be sold Click on to view the information. 528,000 404,000 280,000 108,000 The cost of goods sold budget incorporates the direct materials, direct labor, and overhead budgets for total manufacturing costs of $9,522,780. Of this total, $2,582,100 is budgeted for direct materials, $4,851,600 is budgeted for direct labor, and $2,089,080 is budgeted for factory overhead. After considering work in process inventories, the total budgeted cost of goods manufactured and transferred to finished goods is $9,517,180. Based on expected sales, the budgeted cost of goods sold is $9,047,780 Close Elite Accessories Cost of Goods Sold Budget For the Year Ending December 31, 20-- Finished goods inventory, January 1, 20-- $ 1,095,600 $ 214,400 Work in process inventory, January 1, 20- Direct materials: Direct materials inventory, January 1, 20- S 99,000 Direct materials purchases 2,587,500 $2,686,500 Cost of direct materials available for use Less direct materials inventory, December 31, 20- 104,400 $2,582,100 Cost of direct materials placed into production Direct labor 4,851,600 Factory overhead 2,089,080 Total manufacturing costs 9,522,780 Total work in process during the period $9,737,180 Less work in process inventory, December 31, 20-- 220,000 9,517,180 Cost of goods manufactured $10,612,780 Cost of finished goods available for sale Less finished goods inventory, December 31, 20- 1,565,000 $9,047,780 Cost of goods sold Use the Dynamic Exhibit to answer the following questions. 1. When the number of wallets. o be sold is 280, 000, the direct materlals to be sold is 528,000 and the number of handbags purchased is s the direct labor cost budget is # and the cost of goods sold budget is 2. When the number of wallets and the cost of goods sold budget is $ be sold is 700,000 and the number of handbags to be sold is 108, 000, the direct materials to be purchased is s the direct labor cost budget is the direct labor cost budget is $ 3. When the number of wallets to be sold is 280,000 and the number of handbags to be sold is 528, 000, the direct materials to be purchased is $ and the cost of goods sold budget is $