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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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Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 14,000 barrels of oil for purchase in June for $63 per barrel. Direct labor budgeted in the chemical process was $97,000 for June. Factory overhead was budgeted at $158,800 during June. The inventories on June 1 were estimated to be: Oil $6,800 P1 4,600 P2 3,900 Work in process 5,600 The desired inventories on June 30 were: $7,500 4,200 3,700 5,800 Oil P1 P2 Work in process Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Line Item Description Amount Amount Amount Direct materials: 0000000 10000
Transcribed Image Text:Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 14,000 barrels of oil for purchase in June for $63 per barrel. Direct labor budgeted in the chemical process was $97,000 for June. Factory overhead was budgeted at $158,800 during June. The inventories on June 1 were estimated to be: Oil $6,800 P1 4,600 P2 3,900 Work in process 5,600 The desired inventories on June 30 were: $7,500 4,200 3,700 5,800 Oil P1 P2 Work in process Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Line Item Description Amount Amount Amount Direct materials: 0000000 10000
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