Question

In: Accounting

From the following details provided by Barry, Inc., prepare the cost of goods sold budget for...

From the following details provided by Barry, Inc., prepare the cost of goods sold budget for the year (complete the below table).

Direct materials per unit                                                                          $65

Direct labor hours per unit                                                              2 hours

Direct labor rate per hour                                                                         $50

Manufacturing overhead cost per direct labor hour                        $20

Beginning inventory units                                                                   1,000

Sales price per unit                                                                                  $250

                                                                              First          Second             Third          Fourth

                                                                       Quarter         Quarter         Quarter        Quarter

Units expected to be sold:                         15,000           18,000           21,000           24,000           

Barry, Inc. expects no inventory units at the end of the second, third and fourth quarters.

Answer:

                                                                       Barry, Inc.

                                                       Cost of Goods Sold Budget

                                           For the Year Ended December 31, 20XX

                                                                              First            Second           Third             Fourth

                                                                       Quarter           Quarter          Quarter       Quarter

Beginning inventory (1,000 units)*                $x

Units produced and sold in 20XX

@ $205 each                                                          $x                     $x                      $x                     $x

(15,000**, 18,000, 21,000, 24,000

units per quarter)                                _________    _________     _________    _________

Total budgeted cost of goods                               

sold                                                                          $x                     $x                      $x                     $x

*Calculation of cost of beginning inventory:

Solutions

Expert Solution

Sol. Barry Inca Cost of Goods Sold Budget for the Year Ended December 31, 20xx First Second Third fourth Quarter Quarter Quarter Quarter Beginning $ 205,000 Uni Pro duced and Soda $28,70,000 $3,690,000 $4,305,000 $4920,000 Total Budgeted Cost of Goods soll $ 30,75,000$ 3690,000 $4,305,000 $ 4920,000 Inventory

Working Note: Computation of Cost Per unit => Direct Material $ 65 Direct Labour ($50 x 2 hours) Manufacturing Overhead ($20X2 hours) $ 40 $100 Total Cost Per Unit $ 205 Beginning Inventory 1000 Units x Total Cost per unit

1000 unit's X $205 = $205,000

Unit Produced and sold > first Quarter Number of unit produceX Total Cost per unit 14,000 Units X $ 205 $2,870,000 = Second Quarter = Number of unit produced & Total Cost per unit. 18,000 Unit's x $ 205 $ 3,690,000

Third Quarter. = Number of Unit produced x Tatoul Cost Per Vuit 21,000 U wil's X $ 205 = $4,305,000 fourth Quarter Number of Wait produced x Total cost ber vuit 24000 Uwit's X $205 $4920,000

ekkarill92 answered 1 year ago
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