4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finished goods inventory for December 31, 201X is $50,000. Assume the estimated WIP inventory on January 1, 201X was $47,000 while the desired WIP inventory on December 31, 201X is $49,000. After careful consideration and calculation, Platinum Trophy determines the Factory Overhead budget for 201X is $126,000. Based on the Direct Materials purchases budget and the direct labor cost budgets from above, create a Cost of Goods Sold budget for Platinum Trophy.
4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finished goods inventory for December 31, 201X is $50,000. Assume the estimated WIP inventory on January 1, 201X was $47,000 while the desired WIP inventory on December 31, 201X is $49,000. After careful consideration and calculation, Platinum Trophy determines the Factory Overhead budget for 201X is $126,000. Based on the Direct Materials purchases budget and the direct labor cost budgets from above, create a Cost of Goods Sold budget for Platinum Trophy.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...
Related questions
Question
![4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finished
goods inventory for December 31, 201X is $50,000. Assume the estimated WIP inventory on
January 1, 201X was $47,000 while the desired WIP inventory on December 31, 201X is $49,000.
After careful consideration and calculation, Platinum Trophy determines the Factory Overhead
budget for 201X is $126,000. Based on the Direct Materials purchases budget and the direct labor
cost budgets from above, create a Cost of Goods Sold budget for Platinum Trophy.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a1c095d-0731-4d5c-9552-e249d08bb353%2Fa3e4ab0d-1068-4332-b361-b9907662a656%2F01hxo5b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finished
goods inventory for December 31, 201X is $50,000. Assume the estimated WIP inventory on
January 1, 201X was $47,000 while the desired WIP inventory on December 31, 201X is $49,000.
After careful consideration and calculation, Platinum Trophy determines the Factory Overhead
budget for 201X is $126,000. Based on the Direct Materials purchases budget and the direct labor
cost budgets from above, create a Cost of Goods Sold budget for Platinum Trophy.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College