Cost of Goods Sold Budget The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget: Direct materials: Enamel Paint Porcelain Total Total direct materials purchases budgeted for September $32,680 $6,860 $127,450 $166,990 Estimated inventory, September 1 1,630 3,910 6,520 12,060 Desired inventory, September 30 3,390 3,080 8,140 14,610 Direct labor cost: Kiln Department Decorating Department Total Total direct labor cost budgeted for September $51,240 $148,600 $199,840 Finished goods inventories: Dish Bowl Figurine Total Estimated inventory, September 1 $5,430 $3,100 $2,550 $11,080 Desired inventory, September 30 3,480 4,290 4,070 11,840 Work in process inventories: Estimated inventory, September 1 $3,310 Desired inventory, September 30 1,850 Budgeted factory overhead costs for September: Indirect factory wages $83,000 Depreciation of plant and equipment 10,970 Power and light 5,390 Indirect materials 3,280 Total 102,640 Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign. MingWare Ceramics Inc. Cost of Goods Sold Budget For the Month Ending September 30 $ $ Direct materials: $ $ $ Direct labor $ Work in process inventory, September 30 $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Cost of Goods Sold Budget

The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold budget:

Direct materials:	Enamel	Paint	Porcelain	Total
Total direct materials purchases budgeted for September	$32,680		$6,860		$127,450	$166,990
Estimated inventory, September 1	1,630		3,910		6,520	12,060
Desired inventory, September 30	3,390		3,080		8,140	14,610
Direct labor cost:	Kiln Department	Decorating Department	Total
Total direct labor cost budgeted for September	$51,240	$148,600	$199,840
Finished goods inventories:	Dish	Bowl	Figurine	Total
Estimated inventory, September 1	$5,430		$3,100		$2,550	$11,080
Desired inventory, September 30	3,480		4,290		4,070	11,840
Work in process inventories:
Estimated inventory, September 1	$3,310
Desired inventory, September 30	1,850
Budgeted factory overhead costs for September:
Indirect factory wages	$83,000
Depreciation of plant and equipment	10,970
Power and light	5,390
Indirect materials	3,280
Total	102,640

Use the preceding information to prepare a cost of goods sold budget for September. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

MingWare Ceramics Inc.
Cost of Goods Sold Budget
For the Month Ending September 30
			$
		$
Direct materials:
	$

	$

	$
Direct labor


		$
Work in process inventory, September 30

			$

			$

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