In: Accounting
Use the information below for Flushing Company to answer the question that follow.
Below is budgeted production and sales information for Flushing Company for the month of December.
Product XXX | Product ZZZ | |
Estimated beginning inventory | 29,900 units | 17,300 units |
Desired ending inventory | 35,600 units | 14,300 units |
Region I, anticipated sales | 347,000 units | 251,000 units |
Region II, anticipated sales | 184,000 units | 140,000 units |
The unit selling price for product XXX is $5 and for product ZZZ
is $13.
Budgeted sales for the month are
a.$11,986,000
b.$4,610,000
c.$7,738,000
2.
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 $27,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $38,000, and $23,000, respectively. Direct materials purchases were $565,000, direct labor was $246,000 for the year, and factory overhead was $140,000.
Required:
Prepare a cost of goods sold budget for Sleep Tight, Inc. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Be sure to complete the statement heading. |
|
Labels | |
For the Year Ending December 31 | |
Direct materials | |
Amount Descriptions | |
Cost of direct materials placed in production | |
Cost of finished goods available for sale | |
Cost of direct materials available for use | |
Costs of good manufactured | |
Costs of goods sold | |
Direct labor | |
Direct materials inventory, December 31 | |
Direct materials inventory, January 1 | |
Direct materials purchases | |
Factory overhead | |
Finished goods inventory, December 31 | |
Finished goods inventory, January 1 | |
Total manufacturing costs | |
Total work in process during the period | |
Work in process inventory, December 31 | |
Work in process inventory, January 1 |