factory insurance and depreciation are the only fixed factory c udget, separatin

Question

factory insurance and depreciation are the only fixed factory c udget, separating variable and fixed costs. Assume that osts. EX 22-16 Dover Chemical Company uses oil to produce two types of plastic product Dover budgeted 30,000 barrels of oil for purchase in April for $78 per budgeted in the chemical process $375,000 Cost of goods sold budget , s, P1 and P2 barrel. Direct labor ad was budgeted during April. The inventories on April 1 were estimated to be Oil $15,800 9,800 8,900 12,100 2 Work in process The desired inventories on April 30 were: $16,100 9,400 7,900 13,500 Oil P2rce Work in process Use the preceding information to prepare a cost of goods sold budget for Aprl 2013 lau of Oriental Ceramics Inc. wishes to prepare a cost of goods sold bu fnllowing information for constructing the co EX 22-17Cost of goods sold budget

Explanation / Answer

Dover chemical company

Statement of cost of goods sold for the month ending April 30 ,2013

Particulars Amount($) Amount($) Amount($) Beginning Finished good inventory ($9800 + $8900) $18700 Beginning working process $12100 Direct materials: Beginning direct materials $15800 Direct material purchases (30000 * $78) $2340000 Cost of materials available to use $2355800 Less: ending direct materials ($16100) Cost of materials used in production $2339700 Direct labor $240000 Factory overhead $375000 Total manufacturing cost $2954700 less : ending work in process ($13500) Cost of goods manufactured $2953300 Cost of finished goods available for sale $2972000 Ending finished goods ($9400 + $7900) ($17300) Cost of goods sold $2954700.

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