Question

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.

Solutions

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 2 years ago
Next > < Previous

Related 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?...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT