Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in...
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Accounting
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $31,000 and $29,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $43,000, $33,000 and $23,000 respectively. Direct material purchases were $560,000. Direct labor was $243,000 for the year. Factory overhead was $148,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
Sleep Tight, Inc.
Cost of Goods Sold Budget
For the Year Ending December 31
Finished goods inventory, January 1
$
Work in process inventory, January 1
$
Direct materials:
Direct materials, January 1
$
Direct materials purchases
Cost of direct materials available for sale
$
Less direct materials inventory, December 31
Cost of direct materials placed in production
$
Direct labor
Factory overhead
Total manufacturing costs
Total work in process during the period
$
Less work in process inventory, December 31
Cost of goods manufactured
Cost of finished goods available for sale
$
Less finished goods inventory, December 31
Cost of goods sold
$
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