Lakeland Corporation manufactures and sells a single product. In preparing the budget for the first quarter, the company's cost accountant has assembled the following information:

	Units			Dollars
Sales (budgeted)	200,000		$	14,000,000
Finished goods inventory, Jan. 1 (actual)	50,000			2,250,000
Finished goods inventory, Mar. 31 (budgeted)	40,000			?
Cost of finished goods manufactured (budgeted manufacturing cost is $48 per unit)	?			?

The company uses the first-in, first-out method of pricing its inventory of finished goods.

Instructions

a.	Compute the planned production of finished goods (in units).

Planned production of finished goods

units

sheet is drawn here

b.	Compute the cost of finished goods manufactured.

Cost of finished goods manufactured

sheet is drawn here

c.	Compute the finished goods inventory, March 31. (Remember to use the first-in, first-out method in pricing the inventory.)

Ending finished goods inventory

sheet is drawn here

d.	Compute the cost of goods sold.

Cost of goods sold

sheet is drawn here