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Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,200 barrels of oil for purchase in June for $65 per barrel. Direct labor budgeted in the chemical process was $126,400 for June. Factory overhead was budgeted $189,500 during June. The inventories on June 1 were estimated to be: $8,800 5,900 Oil P1 P2 Work in process 5,100 7,300

Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,200 barrels of oil for purchase in June for $65 per barrel. Direct labor budgeted in the chemical process was $126,400 for June. Factory overhead was budgeted $189,500 during June. The inventories on June 1 were estimated to be: $8,800 5,900 Oil P1 P2 Work in process 5,100 7,300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,200 barrels of oil for purchase in June for $65 per barrel. Direct labor budgeted in the chemical process was $126,400 for June. Factory overhead was budgeted $189,500 during June. The inventories on June 1 were estimated to be: $8,800 Oil P1 P2 Oil Work in process The desired inventories on June 30 were: $9,700 P1 5,900 P2 5,100 7,300 5,400 4,800 Work in process Use the preceding information to prepare a cost of goods sold budget for June. Wilmington Chemical Company Cost of Goods Sold Budget 7,600 For the Month Ending June 30 Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use Less direct materials inventory, June 30 Cost of direct materials placed in production $ Direct labor Factory overhead Total manufacturing costs Total work in process during the period Less work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, June 30 Cost of goods sold $ $ $ $ $ $ $
Transcribed Image Text:Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,200 barrels of oil for purchase in June for $65 per barrel. Direct labor budgeted in the chemical process was $126,400 for June. Factory overhead was budgeted $189,500 during June. The inventories on June 1 were estimated to be: $8,800 Oil P1 P2 Oil Work in process The desired inventories on June 30 were: $9,700 P1 5,900 P2 5,100 7,300 5,400 4,800 Work in process Use the preceding information to prepare a cost of goods sold budget for June. Wilmington Chemical Company Cost of Goods Sold Budget 7,600 For the Month Ending June 30 Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use Less direct materials inventory, June 30 Cost of direct materials placed in production $ Direct labor Factory overhead Total manufacturing costs Total work in process during the period Less work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, June 30 Cost of goods sold $ $ $ $ $ $ $
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