Obj. Example Exercise 22-5 cost of Goods Sold Budget Prepare a cost of goods sold budget for Landon Awards Co. using the information in Example Exercises 22-3 and 22-4 Assume that the estimated inventories on January 1, 2045, for finished goods and work in process were $54,000 and 547,000, respectively. Also assume that the desired inventories on December 31, 2015. for finished goods and work in process were $50,000 and $49,000, respectively, Factory overhead was budgeted for $126,000. Continued) PE 22-5B Cost of goods sold budget 4 Prepare a cost of goods sold budget for Magnolia Candle Inc. using the information in Practice Exercises 22-35 and 22.48. Assume that the estimated inventories on January 1, 2014, for finished goods and work in process were $9,800 and $3,600, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $12 900 and $3,500, respectively. Factory overhead was budgeted at $109,000 PE 22-3B Direct materials purchases budget 4 Magnolia Candle Inc. budgeted production of 74.200 candles in 2014. Wax is required to produce a candle. Assume that right ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 2,500 pounds. The desired December 31, 209, wax inventory is 2.100 pounds. If candle wax costs $4.10 per pound, determine the direct materials purchases budget for 2084. PE 22-48 Direct labor cost budget O. Magnolia Candle Inc. budgeted production of 74.200 candles in 20Y4. Each candle requires moking. Assume that 12 minutes are required to mold each candle. If molding labor costs $14.00 per hour, determine the direct labor cost budget for 2014 Obj. Example Exercise 22-5 cost of Goods Sold Budget Prepare a cost of goods sold budget for Landon Awards Co. using the information in Example Exercises 22-3 and 22-4 Assume that the estimated inventories on January 1, 2045, for finished goods and work in process were $54,000 and 547,000, respectively. Also assume that the desired inventories on December 31, 2015. for finished goods and work in process were $50,000 and $49,000, respectively, Factory overhead was budgeted for $126,000. Continued) PE 22-5B Cost of goods sold budget 4 Prepare a cost of goods sold budget for Magnolia Candle Inc. using the information in Practice Exercises 22-35 and 22.48. Assume that the estimated inventories on January 1, 2014, for finished goods and work in process were $9,800 and $3,600, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $12 900 and $3,500, respectively. Factory overhead was budgeted at $109,000 PE 22-3B Direct materials purchases budget 4 Magnolia Candle Inc. budgeted production of 74.200 candles in 2014. Wax is required to produce a candle. Assume that right ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 2,500 pounds. The desired December 31, 209, wax inventory is 2.100 pounds. If candle wax costs $4.10 per pound, determine the direct materials purchases budget for 2084. PE 22-48 Direct labor cost budget O. Magnolia Candle Inc. budgeted production of 74.200 candles in 20Y4. Each candle requires moking. Assume that 12 minutes are required to mold each candle. If molding labor costs $14.00 per hour, determine the direct labor cost budget for 2014