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, fromthe following estimates.Inventories of production units:Work-in- Process Finished GoodsJanuary 1, 2015.$19,300December 31, 2015...22,400Direct materials purchased during the year, $854,000; beginning inventory of direct materials, $31,000; and endinginventory of direct materials, $26,000. Totals from other budgets included:Direct Labor Cost..Total Factory Overhead Costs...$28,50023,700Finished goods inventory, Jan. 1Work in process inventory, Jan. 1Direct materials inventory, Jan. 1Direct materials purchasesDirect materials availableLess direct materials inventory, Jan. 31Cost of direct materials usedDirect laborFactory overheadTotal manufacturing costsTotal work in process during yearLess ork in process inventory, Dec. 31.Cost of goods manufacturedCost of goods available for saleLess finished goods inventory, Dec. 31Cost of goods sold$539,500818,000Required:Prepare a cost of goods sold budget for the Hathaway Manufacturing Co. for the year ended December 31, 2015.Hathaway Manufacturing CompanyCost of Goods Sold BudgetFor the Year Ended December 31, 2015

Lets understand the basics.Cost of goods sold budget shows how much cost it takes to acquire or…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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