Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $36,000, $32,000, and $24,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $37,000, and $23,000, respectively. Direct materials purchases were $570,000, direct labor was $245,000 for the year, and factory overhead was $156,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc.Cost of Goods Sold BudgetFor the Year Ending December 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $36,000, $32,000, and $24,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $37,000, and $23,000, respectively. Direct materials purchases were $570,000, direct labor was $245,000 for the year, and factory overhead was $156,000.

Prepare a cost of goods sold budget for Sleep Tight, Inc.

Sleep Tight, Inc.Cost of Goods Sold BudgetFor the Year Ending December 31

Finished goods inventory, January 1     $fill in the blank 1
Work in process inventory, January 1   $fill in the blank 2  
Direct materials:      
Direct materials, January 1 $fill in the blank 3    
Direct materials purchases fill in the blank 4    
Cost of direct materials available for sale $fill in the blank 5    
Direct materials inventory, December 31 fill in the blank 6    
Cost of direct materials placed in production $fill in the blank 7    
Direct labor fill in the blank 8    
Factory overhead fill in the blank 9    
Total manufacturing costs   fill in the blank 10  
Total work in process during the period   $fill in the blank 11  
Work in process inventory, December 31   fill in the blank 12  
Cost of goods manufactured     fill in the blank 13
Cost of finished goods available for sale     $fill in the blank 14
Finished goods inventory, December 31     fill in the blank 15
Cost of goods sold     $fill in the blank 16 
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
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
  • SEE MORE 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