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Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $33,000, and $26,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $35,000, and $22,000, respectively. Direct materials purchases were $580,000 direct labor was $215,000 for the year, and factory overhead was $157,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials, January 1 Direct materials purchases Cost of direct materials available for sale $ Direct materials inventory, December 31 0000000 Cost of direct materials placed in production $ Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, December 31 Cost of goods manufactured 1000 $

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $33,000, and $26,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $35,000, and $22,000, respectively. Direct materials purchases were $580,000 direct labor was $215,000 for the year, and factory overhead was $157,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials, January 1 Direct materials purchases Cost of direct materials available for sale $ Direct materials inventory, December 31 0000000 Cost of direct materials placed in production $ Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, December 31 Cost of goods manufactured 1000 $

FINANCIAL ACCOUNTING
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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Work in process inventory, December 31 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31 Cost of goods sold 0000 $ $
Transcribed Image Text:Work in process inventory, December 31 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31 Cost of goods sold 0000 $ $
Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $33,000, and $26,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $35,000, and $22,000, respectively. Direct materials purchases were $580,000, direct labor was $215,000 for the year, and factory overhead was $157,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials, January 1 Direct materials purchases Cost of direct materials available for sale $ Direct materials inventory, December 31 Cost of direct materials placed in production $ Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, December 31 Cost of goods manufactured 000
Transcribed Image Text:Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $33,000, and $26,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $35,000, and $22,000, respectively. Direct materials purchases were $580,000, direct labor was $215,000 for the year, and factory overhead was $157,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials, January 1 Direct materials purchases Cost of direct materials available for sale $ Direct materials inventory, December 31 Cost of direct materials placed in production $ Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, December 31 Cost of goods manufactured 000
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