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i need help filling out the cost of goods sold chart below. I have attached all other budgets I did for reference. I need help
i need help filling out the cost of goods sold chart below. I have attached all other budgets I did for reference. I need help filling in the blanks.
| Finished goods inventory, January 1, 20Y2 | $9,870 | ||
| Work in process inventory, January 1, 20Y2 | $2,010 | ||
| Direct materials: | |||
| Direct materials inventory, January 1, 20Y2 | $2,000 | ||
| Direct materials purchases | |||
| Cost of direct materials available for use | $ | ||
| Less direct materials inventory, December 31, 20Y2 | 1,800 | ||
| Cost of direct materials placed in production | $ | ||
| Direct labor | |||
| Factory overhead | |||
| Total manufacturing costs | |||
| Total work in process during period | $ | ||
| Less work in process inventory, December 31, 20Y2 | 1,250 | ||
| Cost of goods manufactured | |||
| Cost of finished goods available for sale | $ | ||
| Less finished goods inventory, December 31, 20Y2 | 1,500 | ||
| Cost of goods sold | $ |
| LearnCo | |
| Factory Overhead Cost Budget | |
| For the Year Ending December 31, 20Y2 | |
| Indirect factory wages | $5,400 |
| Power and light | 11250 |
| Depreciation of plant and equipment | 1,450 |
| Total factory overhead cost | $18,100 |
| LearnCo | |||
| Direct Labor Cost Budget | |||
| For the Year Ending December 31, 20Y2 | |||
| Gluing | Assembly | Total | |
| Hours required for production: | |||
| Basic abacus | 3505 | 3505 | |
| Deluxe abacus | 3690 | 7380 | |
| Total hours required | 7195 | 10885 | |
| Hourly rate | x 13 | 17 | |
| Total direct labor cost | 93535 | 185045 | $281,280 |
| LearnCo | |||
| Direct Materials Purchases Budget | |||
| For the Year Ending December 31, 20Y2 | |||
| Direct Materials | |||
| Wood Pieces | Beads | Total | |
| Packages required for production: | |||
| Basic abacus | 35950 | 71900 | |
| Deluxe abacus | 73800 | 110700 | |
| Plus desired ending inventory, December 31, 20Y2 | 2,200 | 5,000 | |
| Total packages required | 111950 | 187600 | |
| Less estimated beginning inventory, January 1, 20Y2 | 3,500 | 4,500 | |
| Total packages to be purchased | 108450 | 183100 | |
| Unit price (per package) | x .25 | x .25 | |
| Total direct materials to be purchased | 27113 | 45775 | $72,888 |
| LearnCo | ||
| Production Budget | ||
| For the Year Ending December 31, 20Y2 | ||
| Units Basic | Units Deluxe | |
| Expected units to be sold (from Sales Budget) | 36000 | 36000 |
| Plus desired ending inventory, December 31, 20Y2 | 1,000 | 3,000 |
| Total units required | 37000 | 39000 |
| Less estimated beginning inventory, January 1, 20Y2 | 1,050 | 2,100 |
| Total units to be produced | 35050 | 36900 |
| LearnCo | |||
| Sales Budget | |||
| For the Year Ending December 31, 20Y2 | |||
| Product | Unit Sales Volume | Unit Selling Price | Total Sales |
| Basic Abacus | 36000 | $7.00 | $252,000 |
| Deluxe Abacus | 36000 | 13 | 468,000 |
| Totals | 72,000 | $720,000 |
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
