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Cost of Goods Sold Budget The controller of Pueblo Ceramics Inc. wishes to prepare a cost of goods sold budget for April. 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 April $36,910   $7,750   $143,950   $188,610   Estimated inventory, April 1 1,360   3,260   5,440   10,060   Desired inventory, April 30 3,430   3,120   8,230   14,780   Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for April $47,540      $137,870             $185,410     Budgeted factory overhead costs for April:      Indirect factory wages $75,300      Depreciation of plant and equipment 11,900      Power and light 4,990      Indirect materials 3,250         Total $95,440   Work in process inventories:      Estimated inventory, April 1 $3,270      Desired inventory, April 30 1,820   Finished goods inventories:           Dish   Bowl          Figurine      Total Estimated inventory, April 1 $5,360   $3,060   $2,520   $10,940   Desired inventory, April 30 3,430   4,230   4,020   11,68

Cost of Goods Sold Budget The controller of Pueblo Ceramics Inc. wishes to prepare a cost of goods sold budget for April. 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 April $36,910   $7,750   $143,950   $188,610   Estimated inventory, April 1 1,360   3,260   5,440   10,060   Desired inventory, April 30 3,430   3,120   8,230   14,780   Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for April $47,540      $137,870             $185,410     Budgeted factory overhead costs for April:      Indirect factory wages $75,300      Depreciation of plant and equipment 11,900      Power and light 4,990      Indirect materials 3,250         Total $95,440   Work in process inventories:      Estimated inventory, April 1 $3,270      Desired inventory, April 30 1,820   Finished goods inventories:           Dish   Bowl          Figurine      Total Estimated inventory, April 1 $5,360   $3,060   $2,520   $10,940   Desired inventory, April 30 3,430   4,230   4,020   11,68

FINANCIAL ACCOUNTING
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 Pueblo Ceramics Inc. wishes to prepare a cost of goods sold budget for April. 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 April $36,910   $7,750   $143,950   $188,610  
Estimated inventory, April 1 1,360   3,260   5,440   10,060  
Desired inventory, April 30 3,430   3,120   8,230   14,780  
Direct labor cost: Kiln Department Decorating Department Total
Total direct labor cost budgeted for April $47,540      $137,870             $185,410    
Budgeted factory overhead costs for April:  
   Indirect factory wages $75,300  
   Depreciation of plant and equipment 11,900  
   Power and light 4,990  
   Indirect materials 3,250  
      Total $95,440  
Work in process inventories:  
   Estimated inventory, April 1 $3,270  
   Desired inventory, April 30 1,820  
Finished goods inventories:           Dish   Bowl          Figurine      Total
Estimated inventory, April 1 $5,360   $3,060   $2,520   $10,940  
Desired inventory, April 30 3,430   4,230   4,020   11,680  
Use the preceding information to prepare a cost of goods sold budget for April. PUEBLO CERAMICS INC. Cost of Goods Sold Budget For the Month Ending April 30 Finished goods inventory, April 1 10,940 Work in process inventory, April 1 3,270 Direct materials: Direct materials inventory, April 1 10,060 Direct materials purchases 188,610 Cost of direct materials available for use 198,670 Less: Direct materials inventory, April 30 Cost of direct materials placed in production Direct labor 185,410 Factory overhead Total manufacturing costs Total work in process during the period Less: Work in process inventory, April 30 Cost of goods manufactured Cost of finished goods available for sale Less: Finished goods inventory, April 30 Cost of goods sold
Transcribed Image Text:Use the preceding information to prepare a cost of goods sold budget for April. PUEBLO CERAMICS INC. Cost of Goods Sold Budget For the Month Ending April 30 Finished goods inventory, April 1 10,940 Work in process inventory, April 1 3,270 Direct materials: Direct materials inventory, April 1 10,060 Direct materials purchases 188,610 Cost of direct materials available for use 198,670 Less: Direct materials inventory, April 30 Cost of direct materials placed in production Direct labor 185,410 Factory overhead Total manufacturing costs Total work in process during the period Less: Work in process inventory, April 30 Cost of goods manufactured Cost of finished goods available for sale Less: Finished goods inventory, April 30 Cost of goods sold
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