Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $33,000, and $25,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $33,000, and $23,000, respectively. Direct materials purchases were $570,000, direct labor was $223,000 for the year, and factory overhead was $148,000. 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 Line Item Description 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 Amount Amount Amount 10000000 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 Cost of finished goods available for sale Finished goods inventory, December 31 000

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $33,000, and $25,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $33,000, and $23,000, respectively. Direct materials purchases were $570,000, direct labor was $223,000 for the year, and factory overhead was $148,000. 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 Line Item Description 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 Amount Amount Amount 10000000 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 Cost of finished goods available for sale Finished goods inventory, December 31 000

Name: Sleep Tight, Inc., manufactures comforters. The estimated inventories
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $33,000, and$25,000, respectively. The desired inventories on December 31 for finished goods, work in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $33,000, and $27,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $45,000, $35,000, and $20,000, respectively. Direct materials purchases were $565,000, direct labor was $233,000 for the year, and factory overhead was $158,000. 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…
DuRoss Company produces coats. The company uses a standard costing system and has set the following standards for materials and labor: Fabric (8 yards @$6) $48 Direct labor (2 hours @$18) $36 Total prime cost $84 During the year DuRoss produced 55,000 coats. Actual fabric purchased was 460,000 yards at $5.75 per yard. There were no beginning or ending inventories of fabric. Actual direct labor was 120,000 at $19.25 per hour. A. Compute the cost of leather and direct labor that should be incurred for the production of 55,000 coats. B. Compute the total budget variances for materials and labor. C. Compute the materials price variance. D. Compute the materials usage variance. E. Compute the labor rate variance. F. Compute the labor efficiency variance.
(b) Compute the total overhead variance. Total overhead variance $ LA
Sheridan Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $3.30 per pound) Direct labor (1 hours at $12.00 per hour) $26.40 $12.00 During the month of April, the company manufactures 240 units and incurs the following actual costs. Direct materials purchased and used (2,300 pounds) $8,050 Direct labor (280 hours) $3,304 Compute the total, price, and quantity variances for materials and labor. Total materials variance $ Materials price variance $ Search
Tipton Company manufactures shirts. During June, Tipton made 1,200shirts and gathered the following additional data: Direct materials cost standard $6.00 per yard of fabric Direct materials efficiency standard 1.50 yards per shirt Actual amount of fabric purchased and used 1,680 yards Actual cost of fabric purchased and used $10,500 Direct labor cost standard $15.00 per DLHr Direct labor efficiency standard 2.00 DLHr per shirt Actual amount of direct labor hours 2,520 DLHr Actual cost of direct labor $36,540 7. Calculate the directmaterials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). ( - ) × = Direct Materials Cost Variance ( - ) × = 8. Calculate the direct materials efficiency variance. Select the formula, then enter the amounts and…
jj
Taylor & Edwards Inc. manufactures television sets. Last month, direct materials (electronic components, etc.) costing $550,000 were put into production. Direct labor of $880,000 was incurred, manufacturing overhead equaled $495,000, and selling and administrative costs totaled $396,000. The company manufactured 8,400 television sets during the month. Assume that there were no beginning or ending work in process balances. What was the per unit prime cost? (Note: Round your answer to two decimal places.) Question 17 options: $263.75 $62.50 $170.24 $156.25
During June, Danby Company’s material purchases amounted to 7,800 pounds at a price of $8.50 per pound. Actual costs incurred in the production of 1,600 units were as follows: Direct labor: $ 137,280 ($19.20 per hour) Direct material: $ 43,350 ($8.50 per pound) The standards for one unit of Danby Company’s product are as follows: Direct Labor: Direct Material: Quantity, 4 hours per unit Quantity, 3 pounds per unit Rate, $19.10 per hour Price, $8.20 per pound
immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
In May, Seville Chemicals produced 26,000 barrels of the additive. Labor costs were $16,400, and manufacturing overhead was $326,000. The cost per barrel was $15.90. Required: What was the materials cost in May?
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, thefollowing information was supplied by its accountant: Direct materials inventory $62,400Work-in-process inventory 33,900Finished goods inventory 55,600 During June, direct labor cost was $143,000, direct materials purchases were $346,000, and thetotal overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory $63,000Work-in-process inventory 37,500Finished goods inventory 50,800 Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
Sharp Company manufactures a product for which the following standards have been set: Standard Direct materials Direct labor Quantity or Hours 3 feet ? hours Standard Price or Standard Rate $5 per foot ? per hour Cost $ 15 ? During March, the company purchased direct materials at a cost of $45,240, all of which were used in the production of 2,190 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $1,950 U $ 3,030 и $ 780 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of…