How much is the budget cost of goods sold for 2017 ?? A Company budgets the following:Total direct materials placed into production $135,210Total direct labor cost241,440Assume the estimated inventories on January 1, 2017, forfinished goods and work in process were $14,490 and $4,830,respectively. Also assume the desired inventories on December31, 2017, for finished goods and work in process were $8,210and $5,550, respectively. Factory overhead was budgeted at$132,790.How much is the budgeted cost of goods sold for 2017?

Given:Direct materials: $135,210Direct labor: $241,440Beginning Finished Goods Inventory:…

Answered: A Company budgets the following: Total…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the...

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The Sales Department of Minimus Inc. has forecast sales for May 2016 to be 40,000 units. Additional information follows: Materials used in production: Direct labor hours required in production: Prepare the following: a. A production budget for May. b. A direct materials budget for May. c. A direct labor budget for May.
At the beginning of the period, the Fabricating Department budgeted direct labor of 72,000 and equipment depreciation of 18,500 for 2,400 hours of production. The department actually completed 2,350 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
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Factory overhead cost variance report Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 8,400 hours. During May, the department operated at 8,860 hours, and the factory overhead costs incurred were indirect factory wages, 32,400; power and light, 21,000; indirect materials, 18,250; supervisory salaries, 20,000; depreciation of plant and equipment, 36,200; and insurance and property taxes, 15,200. Instructions Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,860 hours.
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For the year 2018, a company provides the following information: Description Amount Budgeted output 4,000 Budgeted raw materials to be used (in 30,000 pounds) Budgeted raw materials price per pound $0.20 Budgeted labor rate per hour $15.00 Budgeted labor hours 2,000 Actual output 4,200 Actual raw materials used (in pounds) 32,000 Actual raw materials price per pound $0.18 Actual labor rate per hour $14.50 Actual labor hours 2,050 Compute the labor rate variance. The labor rate variance is $1,000(Favorable). The labor rate variance-is $1,025(Favorable). The labor rate variance is $1,000(Unfavorable). The labor rate variance is $1.025(Unfavorable).
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