Cornerstone Exercise 8.7

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Seth M.R.Jaipuria School, Lucknow *

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Accounting

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Nov 24, 2024

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Cornerstone Exercise 8.7 (Algorithmic) Cost of Goods Sold Budget Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following manufacturing costs: Direct materials $1.85 Direct labor 0.50 Variable overhead 0.75 Fixed overhead 1.80 Total unit cost $4.90 For the coming year, Play-Disc expects to make 400,000 plastic discs, and to sell 389,000 of them. Budgeted beginning inventory in units is 19,000 with unit cost of $4.90. (There are no beginning or ending inventories of work in process.) Required: 1. Calculate the total budgeted cost of units produced for Play-Disc for the coming year. Show the cost of direct materials, direct labor, and overhead. Budgeted direct materials $ Budgeted direct labor Budgeted overhead Total budgeted manufacturing cost $ Hide 2. Prepare a cost of goods sold budget for Play-Disc for the year. Play- Disc Cost of Goods Sold Budget For the Year $ Total manufacturing cost $
Cost of goods sold $ 3. What if the beginning inventory of finished goods was $92,200 (for 19,000 units)? How would that affect the cost of goods sold budget? (Assume Play-Disc uses the FIFO method.) The cost of goods sold would to $ - Select your answer -
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