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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, $31,000, and $25,000, respectively.
Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $31,000, and $25,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $33,000, and $23,000, respectively. Direct materials purchases were $575,000, direct labor was $200,000 for the year, and factory overhead was $147,000. Prepare a cost of goods sold budget for Sleep Tight, Inc.
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 |
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