From the following details provided by Barry, Inc., prepare the cost of goods sold budget for the year (complete the below table).

Direct materials per unit $65

Direct labor hours per unit 2 hours

Direct labor rate per hour $50

Manufacturing overhead cost per direct labor hour $20

Beginning inventory units 1,000

Sales price per unit $250

First Second Third Fourth

Quarter Quarter Quarter Quarter

Units expected to be sold: 15,000 18,000 21,000 24,000

Barry, Inc. expects no inventory units at the end of the second, third and fourth quarters.

Answer:

Barry, Inc.

Cost of Goods Sold Budget

For the Year Ended December 31, 20XX

First Second Third Fourth

Quarter Quarter Quarter Quarter

Beginning inventory (1,000 units)* $x

Units produced and sold in 20XX

@ $205 each $x $x $x $x

(15,000**, 18,000, 21,000, 24,000

units per quarter) _________ _________ _________ _________

Total budgeted cost of goods

sold $x $x $x $x

*Calculation of cost of beginning inventory: