|&line; tek hing and learrang resource torn Crngage t namng Interme. kref Univer
ID: 2468408 • Letter: #
Question
|&line; tek hing and learrang resource torn Crngage t namng Interme. kref Universal Chemikal Company uses oll to produce two types of plastic products, P1 and P2. Universal budgeted 16,100 barrels of oil for purchase in April for $72 per barrel. Direct labor budgeted in the chemical process was $127,500 for Aperil. Factory overhead was budgnted $208,700 during Apvil. The inventories on April 1 were estimated to be: $8,900 6,000 5,100 7,400 Oil P1 P2 Work in process The desired inventorles on Apri 30 were: P1 P2 Work in process Use the preceding information to prepare a cost of goods sold budget for Aprit 2017 9,800 5,500 4,800 7,700 Universal Chemical Company Cost of Goods Sold Badget For the Month Ening Apeit 30, 2017Explanation / Answer
Universal Chemical Company All Amounts in $ Cost of Goods Sold Budget for the month ending April 30, 2017 Direct Materials (Oil) used in Production Opening Inventory of Oil 8900 Oil Purchased 1159200 Closing Inventory of Oil 9800 Oil used in Production 1177900 Direct Labor Costs 127500 Factory Overheads 208700 Total Production Costs 1514100 Opening Work in Process 7400 1521500 Closing Work in Process 7700 Cost of Goods Manufactured 1513800 Opening Finished Goods Inventory 11100 Closing Finished Goods Inventory 10300 Cost of Goods Sold 1514600
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