**Cost of Goods Sold Budget**Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 14,000 barrels of oil for purchase in June for $73 per barrel. Direct labor budgeted in the chemical process was $132,900 for June. Factory overhead was budgeted at $184,000 during June. The inventories on June 1 were estimated to be:- Oil: $9,300- P1: $6,200- P2: $5,300- Work in process: $7,700The desired inventories on June 30 were:- Oil: $10,200- P1: $5,700- P2: $5,100- Work in process: $8,000Use 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*- The document features a form layout with dropdowns and input fields for financial data related to the budget preparation.- There are spaces to input monetary values for various budget categories, including direct materials and other financial entries. These fields are likely meant to organize and calculate the total cost of goods sold.The purpose of this form is to facilitate accurate budgeting by incorporating starting inventories, purchases, expenses, and desired ending inventories into a cohesive financial document.

Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 14,000 barrels of oil for purchase in June for $73 per barrel. Direc labor budgeted in the chemical process was $132,900 for June. Factory overhead was budgeted at $184,000 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process The desired inventories on June 30 were: Oil P1 $9,300 6,200 5,300 7,700 P2 Work in process $10,200 5,700 5,100 8,000 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.

Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 14,000 barrels of oil for purchase in June for $73 per barrel. Direc labor budgeted in the chemical process was $132,900 for June. Factory overhead was budgeted at $184,000 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process The desired inventories on June 30 were: Oil P1 $9,300 6,200 5,300 7,700 P2 Work in process $10,200 5,700 5,100 8,000 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.

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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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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Direct Labor Cost Budget Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows: Junior Pro Striker Production budget 8,900 units 21,000 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Forming Department Assembly Department Junior 0.25 hour per unit 0.40 hour per unit Pro Striker 0.35 hour per unit 0.70 hour per unit The direct labor rate for each department is as follows: Forming Department $18.00 per hour Assembly Department $11.00 per hour Prepare the direct labor cost budget for July. Ace Racket Company Direct Labor Cost Budget For the Month Ending July 31 Forming Department Assembly Department Hours required for production: Junior fill in the blank 1 fill in the blank 2 Pro Striker fill in the blank 3 fill in the blank 4…
Direct Materials Purchases Budget Anticipated sales for Safety Grip Company were 58,000 passenger car tires and 17,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car Truck Rubber 29 Ibs. per unit 68 Ibs. per unit Steel belts 7 Ibs. per unit 18 Ibs. per unit The purchase prices of rubber and steel are $3.10 and $4.10 per pound, respectively. The desired ending inventories of rubber and steel belts are 55,000 and 11,000 pounds, respectively. The estimated beginning inventories for rubber and steel belts are 64,000 and 9,000 pounds, respectively. Prepare a direct materials purchases budget for Safety Grip Company for the year ended December 31, 20Y9. Safety Grip Company Direct Materials Purchases Budget For the Year Ending December 31, 20Y9 Rubber Steel Belts Total Pounds required for production: Passenger tires 1,682,000 V Ibs. 3,944,000 X Ibs. Truck tires 119,000 X 306,000 Desired inventory, December 31, 20Y9 V 55,000 V…
12. Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 20,000 barrels of oil for purchase in June for $67 per barrel. Direct labor budgeted in the chemical process was $160,800 for June. Factory overhead was budgeted $241,200 during June. The inventories on June 1 were estimated to be: Oil $11,300 P1 7,600 P2 6,400 Work in process 9,300 The desired inventories on June 30 were: Oil $12,400 P1 6,900 P2 6,100 Work in process 9,600 Use the preceding information to prepare a cost of goods sold budget for June.
Direct labor cost budget Provo Racket Company manufactures two types of tennis rackets, the Youth and Adult models. The production budget for July for the two rackets is as follows: Line Item Description Youth Adult Production budget 6,700 units 18,700 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Line Item Description Forming Department Assembly Department Youth 0.20 hour per unit 0.40 hour per unit Adult 0.35 hour per unit 0.65 hour per unit The direct labor rate for each department is as follows: Forming Department $17.00 per hourAssembly Department $8.00 per hour Prepare the direct labor cost budget for July. Provo Racket CompanyDirect Labor Cost BudgetFor the Month Ending July 31 Line Item Description Forming Department Assembly Department Hours required for production: Youth Youth Youth Adult Adult Adult Total Total Total Hourly rate…
Direct Labor Cost Budget Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows: Junior Pro Striker Production budget 1,500 units 6,200 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Forming Department Assembly Department Junior 0.16 hour per unit 0.24 hour per unit Pro Striker 0.20 hour per unit 0.30 hour per unit The direct labor rate for each department is as follows: Forming Department $18.00 per hour Assembly Department $14.00 per hour Prepare the direct labor cost budget for July. Ace Racket Company Direct Labor Cost Budget For the Month Ending July 31 Forming Department Assembly Department Hours required for production: Junior fill in the blank 1 fill in the blank 2 Pro Striker fill in the blank 3 fill in the blank 4…
Direct Labor Cost Budget Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows: Junior Pro Striker Production budget 7,800 units 21,500 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Forming Department Assembly Department Junior 0.25 hour per unit 0.50 hour per unit Pro Striker 0.30 hour per unit 0.70 hour per unit The direct labor rate for each department is as follows: Forming Department $20.00 per hour Assembly Department $9.00 per hour Prepare the direct labor cost budget for July. Ace Racket Company Direct Labor Cost Budget For the Month Ending July 31 Forming Department Assembly Department Hours required for production: Junior Pro Striker Total Hourly rate x$ x$ Total direct labor cost $ $
Direct Labor Cost Budget Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows: Junior Pro Striker Production budget 6,800 units 24,500 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Forming Department Assembly Department Junior 0.25 hour per unit 0.5 hour per unit Pro Striker 0.35 hour per unit 0.75 hour per unit The direct labor rate for each department is as follows: Forming Department $17 per hour Assembly Department $9 per hour Prepare the direct labor cost budget for July. Ace Racket Company Direct Labor Cost Budget For the Month Ending July 31 Forming Department Assembly Department Hours required for production: Junior Pro Striker Total Hourly rate x$ x$ Total direct labor cost $ $