Sleep Tight, Inc. manufactures comforters. The estimated inventories on January
ID: 2512973 • Letter: S
Question
Sleep Tight, Inc. manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $33,000, and $26,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $43,000, $37,000, and $20,000, respectively. Direct materials purchases were $575,000, direct labor was $212,000 for the year, and factory overhead was $154,000.
Required:
Prepare a cost of goods sold budget for Sleep Tight, Inc. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Be sure to complete the statement heading.
Prepare a cost of goods sold budget for Sleep Tight, Inc. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Be sure to complete the statement heading.
Prepare a cost of goods sold budget for Sleep Tight, Inc. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Be sure to complete the statement heading.
Labels For the Year Ending December 31 Direct materials Amount Descriptions Cost of direct materials placed in production Cost of finished goods available for sale Cost of direct materials available for use Costs of good manufactured Costs of goods sold Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory overhead Finished goods inventory, December 31 Finished goods inventory, January 1 Total manufacturing costs Total work in process during the period Work in process inventory, December 31 Work in process inventory, January 1Explanation / Answer
Sleep tight inc cost of goods sold Budget for the year ending december 31 Finished goods inventory ,January 1 38,000 Work in process inventory,Jan 1 33,000 Direct materials ,Jan1 26,000 Direct material purchases 575,000 cost of direct materials available for sale 601,000 less direct materials inventory,Dec 31 20,000 cost of direct materials placed in production 581,000 direct labor 212,000 factory overhead 154,000 total manufacturing costs 947,000 total work in process during the period 980,000 less Work in process inventory,december 31 37,000 cost of goods manufactured 943,000 cost of finished goods available for sale 981,000 less finished goods inventory,dec 31 43,000 cost of goods sold 938,000
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