Cost of Goods Sold Budget The controller of MingWare Ceramics Inc. wants 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 $40,500 $8,510 $157,950 $206,960 Estimated inventory, September 1 2,670 6,410 10,680 19,760 Desired inventory, September 30 3,090 2,810 7,420 13,320 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $43,390 $125,830 $169,220 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,250 $2,990 $2,470 $10,710 Desired inventory, September 30 3,360 4,150 3,940 11,450 Work in process inventories: Estimated inventory, September 1 $3,200 Desired inventory, September 30 1,790 Budgeted factory overhead costs for September: Indirect factory wages $74,300 Depreciation of plant and equipment 14,420 Power and light 5,520 Indirect materials 3,160 Total $97,400 Use the preceding information to prepare a cost of goods sold budget for September. MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 fill in the blank $ fill in the blank fill in the blank $ fill in the blank Direct materials: fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank Direct labor fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank

Cost of Goods Sold Budget The controller of MingWare Ceramics Inc. wants 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 $40,500 $8,510 $157,950 $206,960 Estimated inventory, September 1 2,670 6,410 10,680 19,760 Desired inventory, September 30 3,090 2,810 7,420 13,320 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $43,390 $125,830 $169,220 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,250 $2,990 $2,470 $10,710 Desired inventory, September 30 3,360 4,150 3,940 11,450 Work in process inventories: Estimated inventory, September 1 $3,200 Desired inventory, September 30 1,790 Budgeted factory overhead costs for September: Indirect factory wages $74,300 Depreciation of plant and equipment 14,420 Power and light 5,520 Indirect materials 3,160 Total $97,400 Use the preceding information to prepare a cost of goods sold budget for September. MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 fill in the blank $ fill in the blank fill in the blank $ fill in the blank Direct materials: fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank Direct labor fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank fill in the blank fill in the blank fill in the blank $ fill in the blank

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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Question

Cost of Goods Sold Budget

The controller of MingWare Ceramics Inc. wants 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	$40,500		$8,510		$157,950	$206,960
Estimated inventory, September 1	2,670		6,410		10,680	19,760
Desired inventory, September 30	3,090		2,810		7,420	13,320
Direct labor cost:	Kiln Department	Decorating Department	Total
Total direct labor cost budgeted for September	$43,390	$125,830	$169,220
Finished goods inventories:	Dish	Bowl	Figurine	Total
Estimated inventory, September 1	$5,250		$2,990		$2,470	$10,710
Desired inventory, September 30	3,360		4,150		3,940	11,450
Work in process inventories:
Estimated inventory, September 1	$3,200
Desired inventory, September 30	1,790
Budgeted factory overhead costs for September:
Indirect factory wages	$74,300
Depreciation of plant and equipment	14,420
Power and light	5,520
Indirect materials	3,160
Total	$97,400

Use the preceding information to prepare a cost of goods sold budget for September.

MingWare Ceramics Inc.

Cost of Goods Sold Budget

For the Month Ending September 30

fill in the blank			$ fill in the blank
fill in the blank		$ fill in the blank
Direct materials:
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fill in the blank	$ fill in the blank
Direct labor	fill in the blank
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fill in the blank			$ fill in the blank
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Expert Solution

Step 1

Cost of goods sold means the difference between the sale and gross profit . It means the cost of goods which has been sold out.

Cost of goods sold = Opening stock + purchases + direct expenses – closing stock.

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