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Cost of goods sold budget The controller of MingWare Ceramics Inc. wants 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 $36,780 $6,130 $145,500 $188,410 Estimated inventory, September 1 1,240 950 4,250 6,440 Desired inventory, September 30 1,890 1,070 5,870 8,830 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $47,900 $145,700 $193,600 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,780 $3,080 $2,640 $11,500 Desired inventory. September 30 3,710 2,670 3,290 9.670 Work in process inventories: Estimated inventory, September 1 $3,400 Desired inventory, September 30 1,990 Budgeted factory overhead costs for September Indirect factory wages $ 81,900 Depreciation of plant and equipment 14,300 Power and light 5,200 Indirect materials 4,100 Total $105,500 Use the preceding information to prepare a cost of goods sold budget for September.

BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
Chapter 22, Problem 22.17EX
Textbook Problem

Cost of goods sold budget

The controller of MingWare Ceramics Inc. wants 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 $36,780 $6,130 $145,500 $188,410
Estimated inventory, September 1 1,240 950 4,250 6,440
Desired inventory, September 30 1,890 1,070 5,870 8,830
Direct labor cost: Kiln Department Decorating Department Total
Total direct labor cost budgeted for September $47,900 $145,700 $193,600
Finished goods inventories: Dish Bowl Figurine Total
Estimated inventory, September 1 $5,780 $3,080 $2,640 $11,500
Desired inventory. September 30 3,710 2,670 3,290 9.670
Work in process inventories:
Estimated inventory, September 1 $3,400
Desired inventory, September 30 1,990
Budgeted factory overhead costs for September  
Indirect factory wages $ 81,900
Depreciation of plant and equipment 14,300
Power and light 5,200
Indirect materials 4,100
Total $105,500

Use the preceding information to prepare a cost of goods sold budget for September.

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Chapter 22 Solutions

Accounting
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