Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare a cost of goods sold budget for the Hathaway Manufacturing Co. for the year ended December 31, 201 the following estimates. Inventories of production units: Work-in- Process Finished Goods $19,300 22,400 Direct materials purchased during the year, $854,000; beginning inventory of direct materials, $31,000; and end inventory of direct materials, $26,000. Totals from other budgets included: Direct Labor Cost................. ............$539,500. January 1, 2015...................... December 31, 2015........ $28,500 23,700

Prepare a cost of goods sold budget for the Hathaway Manufacturing Co. for the year ended December 31, 201 the following estimates. Inventories of production units: Work-in- Process Finished Goods $19,300 22,400 Direct materials purchased during the year, $854,000; beginning inventory of direct materials, $31,000; and end inventory of direct materials, $26,000. Totals from other budgets included: Direct Labor Cost................. ............$539,500. January 1, 2015...................... December 31, 2015........ $28,500 23,700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
Please do not give solution in image format thanku
Prepare a cost of goods sold budget for the Hathaway Manufacturing Co. for the year ended December 31, 2015, from the following estimates. Inventories of production units: Work-in- Process Finished Goods January 1, 2015. $19,300 December 31, 2015... 22,400 Direct materials purchased during the year, $854,000; beginning inventory of direct materials, $31,000; and ending inventory of direct materials, $26,000. Totals from other budgets included: Direct Labor Cost.. Total Factory Overhead Costs... $28,500 23,700 Finished goods inventory, Jan. 1 Work in process inventory, Jan. 1 Direct materials inventory, Jan. 1 Direct materials purchases Direct materials available Less direct materials inventory, Jan. 31 Cost of direct materials used Direct labor Factory overhead Total manufacturing costs Total work in process during year Less ork in process inventory, Dec. 31. Cost of goods manufactured Cost of goods available for sale Less finished goods inventory, Dec. 31 Cost of goods sold $539,500 818,000 Required: Prepare a cost of goods sold budget for the Hathaway Manufacturing Co. for the year ended December 31, 2015. Hathaway Manufacturing Company Cost of Goods Sold Budget For the Year Ended December 31, 2015
Transcribed Image Text:Prepare a cost of goods sold budget for the Hathaway Manufacturing Co. for the year ended December 31, 2015, from the following estimates. Inventories of production units: Work-in- Process Finished Goods January 1, 2015. $19,300 December 31, 2015... 22,400 Direct materials purchased during the year, $854,000; beginning inventory of direct materials, $31,000; and ending inventory of direct materials, $26,000. Totals from other budgets included: Direct Labor Cost.. Total Factory Overhead Costs... $28,500 23,700 Finished goods inventory, Jan. 1 Work in process inventory, Jan. 1 Direct materials inventory, Jan. 1 Direct materials purchases Direct materials available Less direct materials inventory, Jan. 31 Cost of direct materials used Direct labor Factory overhead Total manufacturing costs Total work in process during year Less ork in process inventory, Dec. 31. Cost of goods manufactured Cost of goods available for sale Less finished goods inventory, Dec. 31 Cost of goods sold $539,500 818,000 Required: Prepare a cost of goods sold budget for the Hathaway Manufacturing Co. for the year ended December 31, 2015. Hathaway Manufacturing Company Cost of Goods Sold Budget For the Year Ended December 31, 2015
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS