Cost of Goods Sold Budget 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 $32,540 $6,830 $126,910 $166,280 Estimated inventory, September 1 1,560 3,740 6,240 11,540 Desired inventory, September 30 2,690 2,450 6,460 11,600 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $51,100 $148,190 $199,290 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $6,110 $3,480 $2,870 $12,460 Desired inventory, September 30 3,910 4,830 4,580 13,320 Work in process inventories: Estimated inventory, September 1 $3,730 Desired inventory, September 30 2,080 Budgeted factory overhead costs for September: Indirect factory wages $82,600 Depreciation of plant and equipment 13,880 Power and light 5,860 Indirect materials 3,290 Total 105,630 Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign. MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 $fill in the blank 2 $fill in the blank 4 Direct materials: $fill in the blank 6 fill in the blank 8 $fill in the blank 10 fill in the blank 12 $fill in the blank 14 Direct labor fill in the blank 15 fill in the blank 17 fill in the blank 19 $fill in the blank 21 Work in process inventory, September 30 fill in the blank 22 fill in the blank 24 $fill in the blank 26 fill in the blank 28 $fill in the blank 30

Cost of Goods Sold Budget 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 $32,540 $6,830 $126,910 $166,280 Estimated inventory, September 1 1,560 3,740 6,240 11,540 Desired inventory, September 30 2,690 2,450 6,460 11,600 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $51,100 $148,190 $199,290 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $6,110 $3,480 $2,870 $12,460 Desired inventory, September 30 3,910 4,830 4,580 13,320 Work in process inventories: Estimated inventory, September 1 $3,730 Desired inventory, September 30 2,080 Budgeted factory overhead costs for September: Indirect factory wages $82,600 Depreciation of plant and equipment 13,880 Power and light 5,860 Indirect materials 3,290 Total 105,630 Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign. MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 $fill in the blank 2 $fill in the blank 4 Direct materials: $fill in the blank 6 fill in the blank 8 $fill in the blank 10 fill in the blank 12 $fill in the blank 14 Direct labor fill in the blank 15 fill in the blank 17 fill in the blank 19 $fill in the blank 21 Work in process inventory, September 30 fill in the blank 22 fill in the blank 24 $fill in the blank 26 fill in the blank 28 $fill in the blank 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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Cost of Goods Sold Budget

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	$32,540		$6,830		$126,910	$166,280
Estimated inventory, September 1	1,560		3,740		6,240	11,540
Desired inventory, September 30	2,690		2,450		6,460	11,600
Direct labor cost:	Kiln Department	Decorating Department	Total
Total direct labor cost budgeted for September	$51,100	$148,190	$199,290
Finished goods inventories:	Dish	Bowl	Figurine	Total
Estimated inventory, September 1	$6,110		$3,480		$2,870	$12,460
Desired inventory, September 30	3,910		4,830		4,580	13,320
Work in process inventories:
Estimated inventory, September 1	$3,730
Desired inventory, September 30	2,080
Budgeted factory overhead costs for September:
Indirect factory wages	$82,600
Depreciation of plant and equipment	13,880
Power and light	5,860
Indirect materials	3,290
Total	105,630

Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

MingWare Ceramics Inc.
Cost of Goods Sold Budget
For the Month Ending September 30
			$fill in the blank 2
		$fill in the blank 4
Direct materials:
	$fill in the blank 6
	fill in the blank 8
	$fill in the blank 10
	fill in the blank 12
	$fill in the blank 14
Direct labor	fill in the blank 15
	fill in the blank 17
		fill in the blank 19
		$fill in the blank 21
Work in process inventory, September 30		fill in the blank 22
			fill in the blank 24
			$fill in the blank 26
			fill in the blank 28
			$fill in the blank 30

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