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Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $34,000, and $27,000, respectively.
Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $34,000, and $27,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $35,000, and $22,000, respectively. Direct materials purchases were $575,000, direct labor was $233,000 for the year, and factory overhead was $152,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
Finished goods inventory, January 1 | $fill in the blank 1 | ||
Work in process inventory, January 1 | $fill in the blank 2 | ||
Direct materials: | |||
Direct materials, January 1 | $fill in the blank 3 | ||
Direct materials purchases | fill in the blank 4 | ||
Cost of direct materials available for sale | $fill in the blank 5 | ||
Direct materials inventory, December 31 | fill in the blank 6 | ||
Cost of direct materials placed in production | $fill in the blank 7 | ||
Direct labor | fill in the blank 8 | ||
Factory overhead | fill in the blank 9 | ||
Total manufacturing costs | fill in the blank 10 | ||
Total work in process during the period | $fill in the blank 11 | ||
Work in process inventory, December 31 | fill in the blank 12 | ||
Cost of goods manufactured | fill in the blank 13 | ||
Cost of finished goods available for sale | $fill in the blank 14 | ||
Finished goods inventory, December 31 | fill in the blank 15 | ||
Cost of goods sold | $fill in the blank 16 |
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