Unit sales price 6000 25 The budgeted total sales for June i

Unit sales price 6,000 $25 The budgeted total sales for June is a. $200,000 b. $525,000 c.$500,000 d. $225,000 28. Ex.06-164 Labeis and Amcunt Desciptions Instruction Cost of direct materials placed in production Cost of finished goods available for sale Cost of direct materials available for use Costs of good manufactured Costs of goods sold Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory overhead Finished goods inventory, December 31 Finished goods inventory, January 1 Total manufacturing costs Total work in process during the period Work in process inventory, December 31 Good Night manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $51,000, $28,000, and $33,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $48,000, $35,000, and $29,000, respectively. Direct material purchases were $555,000. Direct labor was $252,000 for the year. Factory overhead was $176,000. Required: Propare a cost of goods sold budget for Good Night, Inc. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Less or Plus wil automatically appear if it is required. Be sure to complete the statement heading. Good Cost of Goods Sold Budget Label) http://v2.cengagenow.com/ilrn/takeAssignment/printUntakenAssignment.do?assignmentld-798704

Solution

Schedule for manufacturing cost beginning raw material 33000 Add Purchase of raw material 555000 Total 588000 Less Ending Raw material 29000 Raw material used in production 559000 Direct labor 252000 manufacturing cost applied 176000 Total manufacturing cost 987000 Add Beginning work in progress 28000 1015000 less Ending work in progress 35000 Cost of goods manufactured 980000 Add Beginning finished goods inventory 51000 Cost of goods available for sale 1031000 Less Ending finished goods inventory 48000 Cost of goods sold 983000