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Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $39,000, $35,000, and $25,000, respectively.
Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $39,000, $35,000, and $25,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $45,000, $33,000, and $21,000, respectively. Direct materials purchases were $575,000, direct labor was $200,000 for the year, and factory overhead was $159,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
Line Item Description | Amount | Amount | Amount |
---|---|---|---|
Finished goods inventory, January 1 | $Finished goods inventory, January 1 | ||
Work in process inventory, January 1 | $Work in process inventory, January 1 | ||
Direct materials: | |||
Direct materials, January 1 | $Direct materials, January 1 | ||
Direct materials purchases | Direct materials purchases | ||
Cost of direct materials available for sale | $Cost of direct materials available for sale | ||
Direct materials inventory, December 31 | Direct materials inventory, December 31 | ||
Cost of direct materials placed in production | $Cost of direct materials placed in production | ||
Direct labor | Direct labor | ||
Factory overhead | Factory overhead | ||
Total manufacturing costs | Total manufacturing costs | ||
Total work in process during the period | $Total work in process during the period | ||
Work in process inventory, December 31 | Work in process inventory, December 31 | ||
Cost of goods manufactured | Cost of goods manufactured | ||
Cost of finished goods available for sale | $Cost of finished goods available for sale | ||
Finished goods inventory, December 31 | Finished goods inventory, December 31 | ||
Cost of goods sold | $Cost of goods sold |
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