Osprey Cycles, Inc. projected sales of 57,932 bicycles for the year. The estimated January 1 inventory is 5,159 units, and the desired December 31 inventory is 6,640 units.

What is the budgeted production (in units) for the year?

_________ units

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $39,000, $32,000, and $28,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $45,000, $37,000, and $21,000, respectively. Direct materials purchases were $555,000, direct labor was $203,000 for the year, and factory overhead was $158,000.

What is a cost of goods sold budget for Sleep Tight, Inc.

Sleep Tight, Inc.

Cost of Goods Sold Budget

For the Year Ending December 31

Finished goods inventory, January 1 $___________

Work in process inventory, January 1 $ ____________

Direct materials:

Direct materials, January 1 $ ______________

Direct materials purchases $ _______________________

Cost of direct materials available for sale$ ______________

Direct materials

inventory, December 31 $ ________________

Cost of direct materials placed in production$ _________

Direct labor $ ____________

Factory overhead $ __________________

Total manufacturing costs $ ____________

Total work in process during the period $ ________

Work in process inventory, December 31 $ ___________

Cost of goods manufactured $ ___________

Cost of finished goods available for sale $ __________

Finished goods inventory, December 31 $ ____________

Cost of goods sold $ ______________

Magnolia, Inc., manufactures bedding sets. The budgeted production is for 27,000 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 3,350 yards with the desired ending balance of 3,200 yards of material. If the material costs $6.00 per yard, determine the materials budget for the year.

$ _____________

Sleep Tight, Inc., manufactures bedding sets. The budgeted production is for 49,400 comforters this year. Each comforter requires 1.5 hours to cut and sew the material. The cost of cutting and sewing labor is $20.10 per hour. Determine the direct labor budget for this year.

$ _______________