I am needing assistance finding the cost of goods sold for quarter 1 of 2022 Blue Fish Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the firstquarter of that coming year. The company has gathered information from its managers in preparation of thebudgeting process.Blue Fish CorporationBlue Fish CorporationIncome StatementBalance SheetFor the year ended December 31, 2021December 31, 2021Saks16,662,000Cash93,000Cost of Goods Sokd5,980,904Accounts Receivabk, net198,300Gross projectScling and Administrative Expenses10,681,096Raw Materiak InventoryFinished Goods Imventory15,4167,386,00091,838920.0001318.554Income fom Operations3,295,096Machinery and equipment, netInterest ExperseI1.020Total AssetsIncome Befkore Taves3,184,076Income Tax Expense668656Accounts Payable106,885Net Income2,515,420Income Taxes Payabke668,656Total Liabities775,541Common Stock250,000Retained carmings293.013Total iabilities andStockhokler's equity1318.554SalesUnit sales for November 2021115,000Expected unit sales for March 2022117,100Unit sales for December 2021100,500Expected unit sales for April 2022126,800Expected unit sales for January 2022 114,500Expected unit sales for May 2022135,300Expected unit sales for February 2022 116,200Unit selling price$13Blue Fish likes to keep 15% of the next month's unit sales in ending inventory. All sales are on account. 80% ofthe Accounts Receivable are collected in the month of sale, and 20% of the Accounts Receivable are collectedin the month after sale.Direct MaterialsDirect materials cost 82 cents per pound. 2.5 pounds of direct materials are required to produce cach unit.Blue Fish likes to keep 10% of the materials needed for the next month in its ending inventory. Raw Materialson December 31, 2021, totaled 18,800 pounds. Payment for materials is made within 15 days. 60% is paid in themonth of purchase, and 40% is paid in the month after purchase. There was no beginning or ending work-in-process inventory for the 1" quarter.Direct LaborLabor requires 9 minutes per unit for completion and is paid at $13 per hour. Manufacturing OverheadIndirect materials35¢ per labor hourDepreciation$16,200 per monthIndirect labor60¢ per labor hourProperty taxes$2.300 per monthUtilities55¢ per labor hourInsurance$1.450 per monthMaintenance35¢ per labor hourMaintenance$1,525 per monthSalaries$49,000 per monthSelling and AdministrativeVariable selling and administrative cost perunit is $1.82Advertising$13,500 a monthInsurance$1,375 a monthSalaries$76,000 a monthDepreciation$2,300 a monthOther fixed costs$3,100 a month

Cost of goods sold is the cost of the inventory which has been sold by the company during the year.…

Answered: finding the cost of goods sold for…

Business

Accounting

finding the cost of goods sold for quarter 1 of 2022

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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View Policies Current Attempt in Progress The following information applied to Marigold Corp. for 2020: Merchandise purchased for resale $411000 Freight-in 8100 Freight-out 4700 Purchase returns 1900 Marigold's 2020 inventoriable cost was O $413800. O $417200. O $411000. O $421900. Save for Later Attempts: 0 of 2 used Submit Ar
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