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Instruction Cost of Goods Sold Budget Sleep Tight, Inc. manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were Prepare a cost of goods sold budget for Sleep Tight, Inc. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. "Less" or "Plus" will automatically appear if it is required. Be sure to complete the statement heading. $37,000, $35,000, and $24,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $33,000, and $19,000, respectively. Direct materials purchases were $580,000, direct labor was $229,000 for the year, and factory overhead was $148,000 Sleep Tight, Inc. Cost of Goods Sold Budget (Label) Required: Prepare a cost of goods sold budget for Sleep Tight, Inc. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Less" or "Plus" will automatically appear if it is required. Be sure to complete the statement heading (Label) Labels and Amount Descriptions Cost of Goods Sold Budget For the Year Ending December 31 Label) Direct materials Amount Descriptions Cost of direct materials placed in production Cost of finished goods available for sale Cost of direct materials available for use Costs of good manufactured Costs of goods sold Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory overhead Finished goods inventory, December 31 Finished goods inventory, January 1 Total manufacturing costs Total work in process during the period Work in process inventory, December 31 Work in process inventory, January 1 Miller and Sons' static budget for 10,400 units of production includes $39,300 for direct materials, $48,300 for direct labor, variable utilities of $7,800, and supervisor salaries of $16,200. A flexible budget for 13,600 units of production would show Round your final answer to the nearest dollar. Do not round interim calculations. a. direct materials of $51,392, direct labor of $63,162, utilities of $10,200, and supervisor salaries of $19,440 b. total variable costs of $111,600 c. the same cost structure in total d. direct materials of $51,392, direct labor of $63,162, utilities of $10,200, and supervisor salaries of $16,200 Use the information below for Nuthatch Corporation to answer the question that follow. Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business-September, October, and November-are $246,000, $318,000, and $418,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale. The cash collections expected in September from accounts receivable are estimated to be a. $172,200 b. $137,760 c. $295,200 d. $246,000
