Cost of Goods Sold BudgetDelaware Chemical Company uses oll to produce two types of plastic products, P1 and P2. Delaware budgeted 35,000 barrels of oll for purchase in June for$90 per barrel. Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead was budgeted at $400,000 during June. Theinventories on June 1 were estimated to be:OllP1P2Work in processThe desired inventories3227P1P2Work in process$15,2008,3008,60012,900on June 30 were:$16,1009,4007,90013,500Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use aminus sign.Delaware Chemical CompanyCost of Goods Sold BudgetFor the Month Ending June 30 Delaware Chemical CompanyCost of Goods Sold BudgetFor the Month Ending June 30Direct materials:

Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 35,000 barrels of oll for purchase in June for $90 per barrel, Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead was budgeted at $400,000 during June. The inventories on June 1 were estimated to be: Oll P1 P2 Work in process The desired inventories Oll P1 P2 Work in process $15,200 8,300 8,600 12,900 on June 30 were: $16,100 9,400 7,900 13,500 Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use minus sign. Delaware Chemical Company Cost of Goods Sold Budget. For the Month Ending June 30

Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 35,000 barrels of oll for purchase in June for $90 per barrel, Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead was budgeted at $400,000 during June. The inventories on June 1 were estimated to be: Oll P1 P2 Work in process The desired inventories Oll P1 P2 Work in process $15,200 8,300 8,600 12,900 on June 30 were: $16,100 9,400 7,900 13,500 Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use minus sign. Delaware Chemical Company Cost of Goods Sold Budget. For the Month Ending June 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Direct materials enamel paint porcelain total Total direct materials purchases budgeted for September $33,570 $7,050 $130,920 $171,540 Estimated inventory, September 1 2,730 6,550 10,920 20,200 Desired inventory, September 30 2,500 2.280 6,000 10,780 Decoration Department Direct Labor Cost Kiln Department Total Total direct labor cost budgeted for September $53,460 $155,030 $208,490 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,760 $3,280 $2,710 $11,750 Desired inventory, September 30 3,690 4,550 4,320 12,560
Direct materials-1 pound plastic at $6 per pound Direct labor-2.50 hours at $11.35 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $10 per direct labor hour ($25.00 +2.50). It was computed from a master manufacturing overhead budget based on normal production of 14,500 direct labor hours (5,800 units) for the month. The master budget showed total variable costs of $101,500 ($7.00 per hour) and total fixed overhead costs of $43,500 ($3.00 per hour). Actual costs for October in producing 4,600 units were as follows. Direct materials (4,710 pounds) Direct labor (11,400 hours) Variable overhead Fixed overhead Total manufacturing costs $ 29,202 132,810 $ 6.00 28.38 17.50 7.50 $59.38 85,098 32,202 $279,312 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. Compute all of the…
Question 3 MCC Company produces one product, Motorbikes. Because of wide fluctuations in the demand for Motorbikes, the assembly department has significant variations in its monthly production levels The annual master manufacturing overhead budget is based on 300,000 direct labour hours. In July, 27,500 labour hours were worked. The master manufacturing overhead budget for the year and the actual overhead costs incurred in July are as follows: Overhead Costs Master Budget (annual) Actual in July Variable Indirect labour 330,000 $29,000 Indirect materials 180,000 14,000 Utilities 150,000 13,900 Maintenance 90,000 8,350 Fixed Supervision 150,000 12,500 Depreciation 96,000 8,000 Insurance and taxes 60,000 5,000 Total $1,056,000 $90,750 Required: Prepare a monthly flexible overhead budget for the year…
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Standard Quantity or Hours Direct materials 3 feet ? hours Standard Price or Rate $ 11 per foot ? per hour Standard Cost $ 33 Direct labor During March, the company purchased direct materials for $111,300, all of which were used in the production of 3.200 units. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 4,400 U $ 450 F $ 2,000 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor. a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required…
Question 5 Emma Co manufactures electric motors. The company expects to sell 440 units in June and 585 units in July. Beginning and ending finished goods for June is expected to be 40 and 95 units, respectively. July's ending finished goods is expected to be 125 units. The company's variable manufacturing overhead is $4 per unit produced and its fixed manufacturing overhead is $6220 per month. Emma's manufacturing overhead budget for July $ tiap. 5.0
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Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 17,600 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $147,800 for June. Factory overhead was budgeted at $221,800 during June. The inventories on June 1 were estimated to be: Oil $10,300 P1 6,900 P2 5,900 Work in process 8,600 The desired inventories on June 30 were: Oil $11,400 P1 6,400 P2 5,600 Work in process 8,900 Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Direct materials:
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