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In: Accounting
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $33,000, and $26,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $43,000, $37,000, and $20,000, respectively. Direct material purchases were $575,000, direct labor was $212,000 for the year, and factory overhead was $154,000. 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.
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Expert Solution
Answer-
| SLEEP TIGHT | ||
| COST OF GOODS SOLD REPORT | ||
| PARTICULARS | AMOUNT | |
| $ | ||
| Beginning Raw Materials Invenotry | 26000 | |
| Add- Raw Material Purchases | 575000 | |
| Total raw materials available | 601000 | |
| Less-Ending Raw Material Inventory | 20000 | |
| Raw Materials Used in production | 581000 | |
| Direct Labor | 212000 | |
| Factory Overhead | 154000 | |
| Total current manufacturing costs | 947000 | |
| Add- Beginning Work in Process Invenotry | 33000 | |
| Total work in process | 980000 | |
| Less- Ending Work in Process Invenotry | 37000 | |
| Cost of goods manufactured | 943000 | |
| Add-Beginning finished goods inventory | 38000 | |
| Cost of goods available for sale | 981000 | |
| Less: Ending finished goods inventory | 43000 | |
| Cost of goods sold | 938000 |
ekkarill92 answered 1 year agoRelated Solutions
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories
on January 1 for finished goods, work in process, and materials
were $39,000, $33,000 and $25,000 respectively. The desired
inventories on December 31 for finished goods, work in process, and
materials were $41,000, $38,000 and $21,000 respectively. Direct
material purchases were $575,000. Direct labor was $231,000 for the
year. Factory overhead was $159,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
Sleep Tight, Inc.
Cost of Goods Sold Budget
For...
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories
on January 1 for finished goods, work in process, and materials
were $38,000, $32,000, and $28,000, respectively. The desired
inventories on December 31 for finished goods, work in process, and
materials were $43,000, $34,000, and $22,000, respectively. Direct
material purchases were $570,000, direct labor was $220,000 for the
year, and factory overhead was $145,000.
Required:
Labels
For the Year Ending December 31
Direct materials
Amount Descriptions
Cost of direct materials placed in production...
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories
on January 1 for finished goods, work in process, and materials
were $40,000, $31,000, and $28,000, respectively. The desired
inventories on December 31 for finished goods, work in process, and
materials were $44,000, $36,000, and $23,000, respectively. Direct
material purchases were $580,000, direct labor was $227,000 for the
year, and factory overhead was $144,000.
Required:
Prepare a cost of goods sold budget for Sleep Tight, Inc. Refer to
the lists of
Labels and...
Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in...
Sleep Tight, Inc.,
manufactures comforters. The estimated inventories on January 1 for
finished goods, work in process, and materials were $36,000,
$32,000, and $28,000, respectively. The desired inventories on
December 31 for finished goods, work in process, and materials were
$42,000, $36,000, and $23,000, respectively. Direct materials
purchases were $555,000, direct labor was $219,000 for the year,
and factory overhead was $140,000.
Prepare a cost of
goods sold budget for Sleep Tight, Inc.
Sleep
Tight, Inc.
Cost
of Goods Sold...
Sleep Tight, Inc. manufactures comforters. The estimated inventories on January 1 for finished goods, work in...
Sleep Tight, Inc. manufactures comforters. The estimated
inventories on January 1 for finished goods, work in process, and
materials were $40,000, $31,000 and $28,000 respectively. The
desired inventories on December 31 for finished goods, work in
process, and materials were $42,000, $33,000 and $22,000
respectively. Direct materials purchases were $570,000. Direct
labor was $241,000 for the year. Factory overhead was $151,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
Sleep Tight, Inc.
Cost of Goods Sold Budget...
Sleep Tight, Inc. manufactures comforters. The estimated inventories on January 1 for finished goods, work in...
Sleep Tight, Inc. manufactures comforters. The estimated
inventories on January 1 for finished goods, work in process, and
materials were $37,000, $32,000 and $29,000 respectively. The
desired inventories on December 31 for finished goods, work in
process, and materials were $41,000, $38,000 and $19,000
respectively. Direct materials purchases were $575,000. Direct
labor was $233,000 for the year. Factory overhead was $154,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
Sleep Tight, Inc.
Cost of Goods Sold Budget...
Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in...
Sleep Tight, Inc., manufactures comforters. The estimated
inventories on January 1 for finished goods, work in process, and
materials were $40,000, $31,000, and $29,000, respectively. The
desired inventories on December 31 for finished goods, work in
process, and materials were $42,000, $34,000, and $22,000,
respectively. Direct materials purchases were $555,000, direct
labor was $244,000 for the year, and factory overhead was
$159,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
Sleep Tight, Inc.
Cost of Goods Sold...
Labels and Amount Descriptions Cost of Goods Sold Budget X Instruction Sleep Tight, Inc. manufactures comforters....
Labels and Amount Descriptions
Cost of Goods Sold Budget
X
Instruction
Sleep Tight, Inc. manufactures comforters. The estimated
inventories on January 1 for finished goods, work in process, and
materials were $38,000, $32,000, and $28,000, respectively. The
desired inventories on December 31 for finished goods, work in
process, and materials were $43,000, $34,000, and $22,000,
respectively. Direct materials purchases were $570,000, direct
labor was $220,000 for the year, and factory overhead was
$145,000.
Required:
Prepare a cost of goods sold...
Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750...
Inventories
January 1
December 31
Materials
$78,750
$94,450
Work in
process
108,600
96,800
Finished goods
113,750
109,100
December 31
Advertising
expense
$
69,000
Depreciation
expense-office equipment
22,750
Depreciation
expense-factory equipment
14,860
Direct labor
184,350
Heat, light, and
power-factory
5,950
Indirect labor
24,600
Materials
purchased
122,200
Office salaries
expense
77,750
Property
taxes-factory
4,170
Property
taxes-office building
13,200
Rent
expense-factory
6,675
Sales
862,000
Sales salaries
expense
138,500
Supplies-factory
5,000
Miscellaneous
costs-factory
5,280
Required:
a. Prepare the 20Y8 statement
of cost of goods...
Businesses hold inventories of goods, partly as finished products and partly as goods-in-process and raw materials....
Businesses hold inventories of goods, partly as finished
products and partly as goods-in-process and raw materials. Suppose
that we think of inventories as a type of capital, which enters
into the production function. Then changes in these stocks
represent investment in inventories. (Typically, economists assume
that the rate of depreciation on inventories is near zero.)
How does an increase in the real interest rate affect the
quantity of inventories that businesses want to hold? What happens,
therefore, to inventory investment?...
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