Cost of Goods Sold Budget The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Direct materials: Enamel Paint Porcelain Total Total direct materials purchases budgeted for September $28,280 $5,940 $110,290 $144,510 Estimated inventory, September 1 2,450 5,880 9,800 18,130 Desired inventory, September 30 2,720 2,480 6,530 11,730 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $47,940 $139,030 $186,970 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,890 $3,360 $2,770 $12,020 Desired inventory, September 30 3,770 4,650 4,420 12,840 Work in process inventories: Estimated inventory, September 1 $3,590 Desired inventory, September 30 2,000 Budgeted factory overhead costs for September: Indirect factory wages $79,800 Depreciation of plant and equipment 13,500 Power and light 5,030 Indirect materials 3,290 Total 101,620 Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign. MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 $fill in the blank 2 $fill in the blank 4 Direct materials: $fill in the blank 6 fill in the blank 8 $fill in the blank 10 fill in the blank 12 $fill in the blank 14 Direct labor fill in the blank 15 fill in the blank 17 fill in the blank 19 $fill in the blank 21 Work in process inventory, September 30 fill in the blank 22 fill in the blank 24 $fill in the blank 26 fill in the blank 28 $fill in the blank 30

Cost of Goods Sold Budget The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Direct materials: Enamel Paint Porcelain Total Total direct materials purchases budgeted for September $28,280 $5,940 $110,290 $144,510 Estimated inventory, September 1 2,450 5,880 9,800 18,130 Desired inventory, September 30 2,720 2,480 6,530 11,730 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $47,940 $139,030 $186,970 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,890 $3,360 $2,770 $12,020 Desired inventory, September 30 3,770 4,650 4,420 12,840 Work in process inventories: Estimated inventory, September 1 $3,590 Desired inventory, September 30 2,000 Budgeted factory overhead costs for September: Indirect factory wages $79,800 Depreciation of plant and equipment 13,500 Power and light 5,030 Indirect materials 3,290 Total 101,620 Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign. MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 $fill in the blank 2 $fill in the blank 4 Direct materials: $fill in the blank 6 fill in the blank 8 $fill in the blank 10 fill in the blank 12 $fill in the blank 14 Direct labor fill in the blank 15 fill in the blank 17 fill in the blank 19 $fill in the blank 21 Work in process inventory, September 30 fill in the blank 22 fill in the blank 24 $fill in the blank 26 fill in the blank 28 $fill in the blank 30

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 16E

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Cost of Goods Sold Budget

The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget:

Direct materials:	Enamel	Paint	Porcelain	Total
Total direct materials purchases budgeted for September	$28,280		$5,940		$110,290	$144,510
Estimated inventory, September 1	2,450		5,880		9,800	18,130
Desired inventory, September 30	2,720		2,480		6,530	11,730
Direct labor cost:	Kiln Department	Decorating Department	Total
Total direct labor cost budgeted for September	$47,940	$139,030	$186,970
Finished goods inventories:	Dish	Bowl	Figurine	Total
Estimated inventory, September 1	$5,890		$3,360		$2,770	$12,020
Desired inventory, September 30	3,770		4,650		4,420	12,840
Work in process inventories:
Estimated inventory, September 1	$3,590
Desired inventory, September 30	2,000
Budgeted factory overhead costs for September:
Indirect factory wages	$79,800
Depreciation of plant and equipment	13,500
Power and light	5,030
Indirect materials	3,290
Total	101,620

Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

MingWare Ceramics Inc.
Cost of Goods Sold Budget
For the Month Ending September 30
			$fill in the blank 2
		$fill in the blank 4
Direct materials:
	$fill in the blank 6
	fill in the blank 8
	$fill in the blank 10
	fill in the blank 12
	$fill in the blank 14
Direct labor	fill in the blank 15
	fill in the blank 17
		fill in the blank 19
		$fill in the blank 21
Work in process inventory, September 30		fill in the blank 22
			fill in the blank 24
			$fill in the blank 26
			fill in the blank 28
			$fill in the blank 30

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