Elite Accessories Inc Factory Overhead Cost Budget For the Year Ending December

Question

Elite Accessories Inc Factory Overhead Cost Budget For the Year Ending December 31, 2014 2 3 4 Indirect factory wages 5 Supervisor salaries 6 Power and light 7 Depreciation of plant and equipment 8 Indirect materials 9 Maintenance 10 nsurance and property taxes 11 Total factory overhead cost 732,800 360,000 306,000 288,000 182,800 140,280 79,200 $2,089,080 Objective 4-Prepare pro forma financia I statements based on budgets. Illustration for Elite continued: Given information-Beginning Finished Goods Inventory, $1,095,600; Ending Finished Goods Inventory, $1,565,000; Beginning WIP Inventory, $214,400; Ending WIP Inventory, $220,000; Beginning Raw materials Inventory, $99,000; Ending Raw materials Inventory, $104,400. Prepare the Cost of Goods Sold Budget

Explanation / Answer

Elite accessories Inc cost of goods sold budget for the year ended 31 december2014 Beginning raw material inventory 99000 Raw material purchase 2587500 Total raw material needed for production 2686500 less:ending raw material -104400 Raw material used 2582100 Direct labor cost 4851600 Manufacturing overhead Indirect factory wages 732800 supervisor salaries 360000 power and light 306000 depreciation 288000 Indirect material 182800 Maintenace 140280 Insuranceand Property taxes 79200 Total manufacturing overhead 2089080 Total manufacturing cost 9522780 Add:beginning WIP 214400 9737180 Less:Ending WIP -220000 Cost of goods manufactured 9517180 Add:beginning finished goods inventory 1095600 cost of goods available for sales 10612780 less;ending finished goods inventory -1565000 cost of goods sold 9,047,780

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