Sleep tight manufactures comforters. the estimated inventories on january 1 for finished goods, work in process, and materials were $40,000, $33,000 and $28,000 respectively. the desired inventories on december 31 for finished goods, work in process, and materials were $43,000, $37,000 and $23,000 respectively. direct material purchases were $570,000. direct labor was $214,000 for the year. factory overhead was $151,000.
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 $
less 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 $
less work in process inventory, december 31
cost of goods manufactured
cost of finished goods available for sale $
less finished goods inventory, december 31
cost of goods sold $