Homework Help is Here – Start Your Trial Now!
Business
Accounting
COST OF GOODS SOLD BUDGET - Direct Materials Cost of goods sold are dependent upon the level of sales. The more products Budg workshop makes, the more wood will be used, the more other direct materials will be consumed and the more direct labour will be needed. The principal objective of the cost of goods sold is to manage the inventory of production costs in relation to the sales of goods. Budg would have to calculate the cost of goods sold by multiplying every direct materials and direct labour by the number of units of sales. Direct materials: Wood Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Materials (Wood) Monthly January February 2,700 1,260 3,240 7,200 March 3,600 6,300 3,150 3,780 3,780 4,320 10,530 14,400 TOTAL 12,600 8,190 11,340 32,130 Dining choirs Coffee tables Kitchen cabinet Selling price Materials wood Materiale ather Direct labeur Contribution January February March TOTAL 150 200 350 700 300 100 300 250 350 650 1050 400 Dining chairs (5) 85.00 (18.00) (2.001 (25.00) 40.00 Coffee tables (5) 50.00 (1240) (5.40) (18.00) 14.00 Kitchen cabinets (1) 80.00 [10.80 (9.201 30.00 30.00

COST OF GOODS SOLD BUDGET - Direct Materials Cost of goods sold are dependent upon the level of sales. The more products Budg workshop makes, the more wood will be used, the more other direct materials will be consumed and the more direct labour will be needed. The principal objective of the cost of goods sold is to manage the inventory of production costs in relation to the sales of goods. Budg would have to calculate the cost of goods sold by multiplying every direct materials and direct labour by the number of units of sales. Direct materials: Wood Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Materials (Wood) Monthly January February 2,700 1,260 3,240 7,200 March 3,600 6,300 3,150 3,780 3,780 4,320 10,530 14,400 TOTAL 12,600 8,190 11,340 32,130 Dining choirs Coffee tables Kitchen cabinet Selling price Materials wood Materiale ather Direct labeur Contribution January February March TOTAL 150 200 350 700 300 100 300 250 350 650 1050 400 Dining chairs (5) 85.00 (18.00) (2.001 (25.00) 40.00 Coffee tables (5) 50.00 (1240) (5.40) (18.00) 14.00 Kitchen cabinets (1) 80.00 [10.80 (9.201 30.00 30.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
Please help me with this assignment question..
BUDGETING A BUSINESS SCENARIO - STEP 4 COST OF GOODS SOLD BUDGET - Direct Materials Cost of goods sold are dependent upon the level of sales. The more products Budg workshop makes, the more wood will be used, the more other direct materials will be consumed and the more direct labour will be needed. The principal objective of the cost of goods sold is to manage the inventory of production costs in relation to the sales of goods. Budg would have to calculate the cost of goods sold by multiplying every direct materials and direct labour by the number of units of sales. Direct materials: Wood Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Materials (Wood) Monthly BUDGETING A BUSINESS SCENARIO - STEP 4 January February 2,700 1,260 3,240 7,200 Direct materials: XXXX Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Costs Monthly Direct materials: XXXX Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Costs Monthly March 3,600 6,300 3,150 3,780 3,780 4,320 10,530 14,400 January February March TOTAL January February March 12,600 8,190 11,340 32,130 TOTAL Dining choirs Coffee tables Kitchen cabinets TOTAL Selling price Materials wood Materials: other Direct labeur Contribution January February March TOTAL 150 200 350 700 100 250 350 650 1050 300 COST OF GOODS SOLD BUDGET - Direct Materials Based on your learning in the Direct materials (wood) example, you are required to complete the table below for Budg's other direct costs. Dining chairs (5) 85.00 (18.00) (2.00) (25.00) 40.00 Coffee tables ($) 50.00 (1260) (5.40) (18.00) 14.00 300 400 Kitchen cabinets (5) 80.00 [10.80 (9.201 130.00 30.00 Budgeting Steps From these budgeted units of sales, can you produce the total cost of goods sold budget? Budgeting Steps
Transcribed Image Text:BUDGETING A BUSINESS SCENARIO - STEP 4 COST OF GOODS SOLD BUDGET - Direct Materials Cost of goods sold are dependent upon the level of sales. The more products Budg workshop makes, the more wood will be used, the more other direct materials will be consumed and the more direct labour will be needed. The principal objective of the cost of goods sold is to manage the inventory of production costs in relation to the sales of goods. Budg would have to calculate the cost of goods sold by multiplying every direct materials and direct labour by the number of units of sales. Direct materials: Wood Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Materials (Wood) Monthly BUDGETING A BUSINESS SCENARIO - STEP 4 January February 2,700 1,260 3,240 7,200 Direct materials: XXXX Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Costs Monthly Direct materials: XXXX Dining Chairs Coffee Tables Kitchen Cabinets Total Direct Costs Monthly March 3,600 6,300 3,150 3,780 3,780 4,320 10,530 14,400 January February March TOTAL January February March 12,600 8,190 11,340 32,130 TOTAL Dining choirs Coffee tables Kitchen cabinets TOTAL Selling price Materials wood Materials: other Direct labeur Contribution January February March TOTAL 150 200 350 700 100 250 350 650 1050 300 COST OF GOODS SOLD BUDGET - Direct Materials Based on your learning in the Direct materials (wood) example, you are required to complete the table below for Budg's other direct costs. Dining chairs (5) 85.00 (18.00) (2.00) (25.00) 40.00 Coffee tables ($) 50.00 (1260) (5.40) (18.00) 14.00 300 400 Kitchen cabinets (5) 80.00 [10.80 (9.201 130.00 30.00 Budgeting Steps From these budgeted units of sales, can you produce the total cost of goods sold budget? Budgeting Steps
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS