The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold

Question

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:

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.

Direct materials:      Enamel      Paint      Porcelain      Total Total direct materials purchases budgeted for September $37,520 $7,880 $146,330 $191,730 Estimated inventory, September 1 1,500 3,600 6,000 11,100 Desired inventory, September 30 3,370 3,070 8,090 14,530 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $49,410 $143,290 $192,700 Finished goods inventories:      Dish      Bowl      Figurine      Total Estimated inventory, September 1 $5,990 $3,410 $2,820 $12,220 Desired inventory, September 30 3,830 4,730 4,490 13,050 Work in process inventories: Estimated inventory, September 1 $3,650 Desired inventory, September 30 2,040 Budgeted factory overhead costs for September: Indirect factory wages $76,500 Depreciation of plant and equipment 13,340 Power and light 4,700 Indirect materials 3,460 Total 98,000

Explanation / Answer

MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 Finished goods inventory, September 1 12220 Work in process inventory, September 1 3650 Direct materials: Direct materials inventory, September 1 11100 Direct materials purchases 191730 Cost of direct materials available for use 202830 Direct materials inventory, September 30 -14530 Cost of direct materials placed in production 188300 Direct labor 192700 Factory overhead 98000 Total manufacturing costs 479000 Total work in process during the period 482650 Work in process inventory, September 30 -2040 Cost of goods manufactured 480610 Cost of finished goods available for sale 492830 Finished goods inventory, September 30 -13050 Cost of goods sold 479780

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.