Sales and Production Budgets

The Taipei Manufacturing Company is in the process of preparing a budgeted schedule of cost of goods manufactured for May 2017. The following data has been gathered:

Sales Revenue $2,000

Direct Materials Purchased. 500

Direct Labor 600

Allocated Factory Overhead 400

Inventory Levels:

May 1 May 31

Direct Materials $70 $50

Work in Process 20 10

Finished Goods 50 40

Required:

1. What is the budgeted cost of direct materials usage for May?

b. What is the budgeted cost of goods manufactured for May?

c. What is the budgeted cost of goods sold for May?