Cost of Goods Sold BudgetMagnolia Candle Inc. budgeted production of 74,200 candles in 20Y4. Wax is required to produce a candle. Assume that eight ounces (one-half of apound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 2,500 pounds. The desired December 31, 20Y4, waxinventory is 2,100 pounds. Candle wax costs $4.10 per pound.Each candle requires molding. Assume that 12 minutes are required to mold each candle. Molding labor costs $14.00 per hour.Prepare a cost of goods sold budget for Magnolia Candle Inc., using the information above. Assume that the estimated inventories on January 1, 20Y4,for finished goods and work in process were $9,800 and $3,600, respectively. Also assume that the desired inventories on December 31, 20Y4, forfinished goods and work in process were $12,900 and $3,500, respectively. Factory overhead was budgeted at $109,600. Round your interimcalculations to nearest cent, if required.MAGNOLIA CANDLE INC.Cost of Goods Sold BudgetFor the Year Ending December 31, 20Y4Direct materials:Cost of direct materials placed in production $Check My Work 3 more Check My Work uses remaining.PreviousNextogress: 5/6 items,12:50

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Cost of Goods Sold Budget Magnolia Candle Inc. budgeted production of 74,200 candles in 2 pound) of wax is required for each candle. The estimated January inventory is 2,100 pounds. Candle wax costs $4.10 per pound. Each candle requires molding. Assume that 12 minutes are requir Prepare a cost of goods sold budget for Magnolia Candle Inc., usi for finished goods and work in process were $9,800 and $3,600, finished goods and work in process were $12,900 and $3,500, re calculations to nearest cent, if required. MAGNOLIA CANDLE INC. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Direct materials: Cost of direct materials placed in production $ Check My Work 3 more Check My Work uses remaining.

Cost of Goods Sold Budget Magnolia Candle Inc. budgeted production of 74,200 candles in 2 pound) of wax is required for each candle. The estimated January inventory is 2,100 pounds. Candle wax costs $4.10 per pound. Each candle requires molding. Assume that 12 minutes are requir Prepare a cost of goods sold budget for Magnolia Candle Inc., usi for finished goods and work in process were $9,800 and $3,600, finished goods and work in process were $12,900 and $3,500, re calculations to nearest cent, if required. MAGNOLIA CANDLE INC. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Direct materials: Cost of direct materials placed in production $ Check My Work 3 more Check My Work uses remaining.

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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