Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Finished Goods January 1, 2016.................................................$19,300 December 31, 2016............................................22,400 Direct materials purchased during the year, $854,000; beginning inventory of direct materials, $31,000; and ending inventory of direct materials, $26,000. Totals from other budgets included: Direct labor cost................................................$539,500 Total factory overhead costs............................818,000

Crest Hills Manufacturing Co.
Cost of Goods Sold Budget
For the Year Ended December 31, 2016
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Question 1 of 3Exercise 7-04