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 $32,680   $6,860   $127,450   $166,990   Estimated inventory, September 1 1,630   3,910   6,520   12,060   Desired inventory, September 30 3,390   3,080   8,140   14,610   Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $51,240 $148,600 $199,840 Finished goods inventories:      Dish      Bowl      Figurine      Total Estimated inventory, September 1 $5,430   $3,100   $2,550   $11,080   Desired inventory, September 30 3,480   4,290   4,070   11,840   Work in process inventories:     Estimated inventory, September 1 $3,310   Desired inventory, September 30 1,850   Budgeted factory overhead costs for September:     Indirect factory wages $83,000   Depreciation of plant and equipment 10,970   Power and light 5,390   Indirect materials 3,280   Total 102,640   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       $     $   Direct materials:         $               $               $     Direct labor                           $   Work in process inventory, September 30                     $               $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. 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 $32,680   $6,860   $127,450   $166,990  
    Estimated inventory, September 1 1,630   3,910   6,520   12,060  
    Desired inventory, September 30 3,390   3,080   8,140   14,610  
    Direct labor cost: Kiln Department Decorating Department Total
    Total direct labor cost budgeted for September $51,240 $148,600 $199,840
    Finished goods inventories:      Dish      Bowl      Figurine      Total
    Estimated inventory, September 1 $5,430   $3,100   $2,550   $11,080  
    Desired inventory, September 30 3,480   4,290   4,070   11,840  
    Work in process inventories:    
    Estimated inventory, September 1 $3,310  
    Desired inventory, September 30 1,850  
    Budgeted factory overhead costs for September:    
    Indirect factory wages $83,000  
    Depreciation of plant and equipment 10,970  
    Power and light 5,390  
    Indirect materials 3,280  
    Total 102,640  

    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
          $
        $  
    Direct materials:      
      $    
           
      $    
           
      $    
    Direct labor      
           
           
        $  
    Work in process inventory, September 30      
           
          $
           
          $
  2.  
 
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