reparing a Cost of Goods Sold Budget Lazlo Company manufactures a line of table lamps. Each lamp takes $5.00 of direct materials and uses 0.9 direct labor hour at $18.00 per direct labor hour. The variable overhead rate is $1.00 per direct labor hour and the fixed overhead rate is $2.00 per direct labor hour. Lazlo expects to produce 16,000 lamps next year and expects to have 830 lamps in ending inventory. There is no beginning inventory of table lamps. Required: Prepare a cost of goods sold budget for Lazlo Company. Enter all amounts as positive numbers. Lazlo Company Cost of Goods Sold Budget For the Coming Year Direct materials $fill in the blank 1 Direct labor fill in the blank 2 Variable overhead fill in the blank 3 Fixed overhead fill in the blank 4 Total manufacturing cost $fill in the blank 5 Less: Ending inventory fill in the blank 6 Cost of goods sold $fill in the blank 7
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
reparing a Cost of Goods Sold Budget
Lazlo Company manufactures a line of table lamps. Each lamp takes $5.00 of direct materials and uses 0.9 direct labor hour at $18.00 per direct labor hour. The variable
Required:
Prepare a cost of goods sold budget for Lazlo Company. Enter all amounts as positive numbers.
| Lazlo Company | |
| Cost of Goods Sold Budget | |
| For the Coming Year | |
| Direct materials | $fill in the blank 1 |
| Direct labor | fill in the blank 2 |
| Variable overhead | fill in the blank 3 |
| Fixed overhead | fill in the blank 4 |
| Total |
$fill in the blank 5 |
| Less: Ending inventory | fill in the blank 6 |
| Cost of goods sold | $fill in the blank 7 |
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