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Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 24,400 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $225,200 for June. Factory overhead was budgeted at $311,800 during June. The inventories on June 1 were estimated to be: Oil P1 $15,800 10,600 P2 9,000 Work in process 13,100 The desired inventories on June 30 were: Oil P1 P2 Work in process Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. $17,300 9,700 8,600 13,500 ✓ Line Item Description Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases ✓ Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production Direct labor ✓ Factory overhead Total manufacturing costs ✓ Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold ✓ Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Amount ✓ ✓ ✓ ✓ ✓ Amount Amount

Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 24,400 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $225,200 for June. Factory overhead was budgeted at $311,800 during June. The inventories on June 1 were estimated to be: Oil P1 $15,800 10,600 P2 9,000 Work in process 13,100 The desired inventories on June 30 were: Oil P1 P2 Work in process Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. $17,300 9,700 8,600 13,500 ✓ Line Item Description Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases ✓ Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production Direct labor ✓ Factory overhead Total manufacturing costs ✓ Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold ✓ Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Amount ✓ ✓ ✓ ✓ ✓ Amount Amount

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter5: Product And Service Costing: Job-order System
Section: Chapter Questions
Problem 2CE: Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year...
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Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 24,400 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $225,200 for June. Factory overhead was budgeted at $311,800 during June. The inventories on June 1 were estimated to be: Oil P1 $15,800 10,600 P2 9,000 Work in process 13,100 The desired inventories on June 30 were: Oil P1 P2 Work in process Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. $17,300 9,700 8,600 13,500 ✓ Line Item Description Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases ✓ Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production Direct labor ✓ Factory overhead Total manufacturing costs ✓ Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold ✓ Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Amount ✓ ✓ ✓ ✓ ✓ Amount Amount
Transcribed Image Text:Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 24,400 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $225,200 for June. Factory overhead was budgeted at $311,800 during June. The inventories on June 1 were estimated to be: Oil P1 $15,800 10,600 P2 9,000 Work in process 13,100 The desired inventories on June 30 were: Oil P1 P2 Work in process Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. $17,300 9,700 8,600 13,500 ✓ Line Item Description Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases ✓ Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production Direct labor ✓ Factory overhead Total manufacturing costs ✓ Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold ✓ Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Amount ✓ ✓ ✓ ✓ ✓ Amount Amount
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