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i just need the two requirements for the cost of goods sold budget, i provided the information for the other budgets. thank you!!! 2 Cost

i just need the two requirements for the cost of goods sold budget, i provided the information for the other budgets. thank you!!! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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2 Cost of Goods Sold Budget Ford Seasoning's management has asked the accounting staff to used the information obtained from the prior budgets to determine 3 the company's expected manufacturing cost per jar for the month and then prepare the firm's cost of goods sold budget for period. 4 Requirement One 5 Determine Ford Seasoning's total cost to manufacture one jar of 12-spice during January. 6 January 7 Direct Materials Cost per Jar 3 Direct Labor Cost per Jar 9 Manufacturing Overhead Cost per Jar 10 Total Cost to Manufacture One Jar of 12-Spice 11 Requirement Two 12 The following info relates to Ford Seasoning's beginning inventory: 13 Quantity Unit Cost Total Cost 14 Finished Jars in Beginning Inventory, 1-1-XX 1,500 $ 7.25 $ 10,875 Use the information regarding beginning finished goods inventory, your answer to requirement one, and info from your prior budgets 15 to prepare Ford Seasoning's cost of goods sold budget for the month of January 20XX. 16 Ford Seasoning 17 Cost of Goods Sold Budget 18 For the Month Ended January 31, 20XX 19 January 20 Beginning Inventory. 1,500 Jars 21 Add: Cost of Jars Produced & Sold During Quarter 22 Budgeted Monthly Cost of Goods Sold 23 24 3 Ford Seasoning 20 Production Budget 1 For the Month Ended January 31, 20XX 2 -3 Budgeted Jars to be Sold -4 Add:Desired Jars in Ending Inventory 5 Total Jars Needed 16 Less: Jars in Beginning Inventory 17 Budgeted Jars to be Produced 18 January 15,000 1,500 16,500 1,500 15,000 10 January 20XX 11 Ford Seasoning 12 Direct Materials Budget 13 For the Month Ended January 31, 20XX 14 15 Budgeted Jars to be Produced 16 Times: Pounds of Direct Materials per Unit (Jar) 17 Direct Materials Needed for Production 18 Add: Desired Direct Materials in Ending Inventory 19 Total Direct Materials Needed 20 Less: Direct Materials in Beginning Inventory 21 Budgeted Purchases of Direct Materials 22 Times: Direct Materials Cost per Pound 23 Budgeted Cost of Direct Materials Purchases 24 25 January 15,000 0.50 7,500 1,500 8,500 (1,500) 7,500 6.00 45,000 $ 10 7 month of January 8 Ford Seasoning 9 Direct Labor Budget For the Month Ended January 31, 20XX 11 12 Budgeted Jars to be Produced 13 Times: Direct Labor Hours Required per Unit (Jar) 14 Direct Labor Hours Required for Production 15 Times: Estimated Direct Labor Cost per Hour 16 Total Direct Labor Costs 17 18 January 15,000 0.10 1,500 20 30,000 $ January 15,000 1.50 22,500 budget for the month. . Ford Seasoning Manufacturing Overhead Budget For the Month Ended January 31, 20XX 8 Budgeted Jars to be Produced 5 Times: Variable Overhead per Jar 6 Total Budgeted Variable Overhead Costs 7 Budgeted Fixed Overhead Costs: 8 Fixed Depreciation 9 Utilties, Insurance, & Property Taxes LO Total Budgeted Fixed Overhead -1 Total Budgeted Manufacturing Overhead Costs $ 22 Divide by: Budgeted Jars to Produced 23 Budgeted Manufacturing Overhead per Jar $ 24 6,600 4,650 11,250 33,750 15,000 2.25 25

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