Lasso Company expects to sell 1,750 units in January and 1,990 units in February. The company expects to incur the following product costs: Lasso Company Direct materials cost per unit $52.00 Direct labor cost per unit $57.00 Manufacturing overhead cost per unit $25.00 Total projected manufacturing cost per unit 134 The beginning balance in Finished Goods Inventory is 280 units at $134 each for a total of $37,520. Lasso Company uses FIFO inventory costing method. Prepare the cost of goods sold budget for Lasso Company for January and February.
Lasso Company expects to sell 1,750 units in January and 1,990 units in February. The company expects to incur the following product costs: Lasso Company Direct materials cost per unit $52.00 Direct labor cost per unit $57.00 Manufacturing overhead cost per unit $25.00 Total projected manufacturing cost per unit 134 The beginning balance in Finished Goods Inventory is 280 units at $134 each for a total of $37,520. Lasso Company uses FIFO inventory costing method. Prepare the cost of goods sold budget for Lasso Company for January and February.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Lasso Company expects to sell 1,750 units in January and 1,990 units in February. The company expects to incur the following product costs:
Lasso Company
| Direct materials cost per unit | $52.00 |
|---|---|
| Direct labor cost per unit | $57.00 |
| Manufacturing |
$25.00 |
| Total projected |
134 |
The beginning balance in Finished Goods Inventory is 280 units at $134 each for a total of $37,520. Lasso Company uses FIFO inventory costing method. Prepare the cost of goods sold budget for Lasso Company for January and February.
Transcribed Image Text:Lasso Company
Cost of Goods Sold Budget
For the Two Months Ended February 28
January
February
Beginning Inventory
Units produced and sold
Total Budgeted Cost of Goods Sold
37,520✔
234,500 X
272,020 X
266,660 X
266,660✔
266,660✔
Total
304,180 X
501,160 X
538,680 X
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