Warmfeet manufacturers comforters. Assume the estimated inventories on January 1

Question

Warmfeet manufacturers comforters. Assume the estimated inventories on January 1, 2012 for finished good, work in process, and materials were $51,000, $28,000 and $33,000 respectively. Also assume the desired inventories on December 31, 2012, 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. PREPARE A COST OF GOODS SOLD BUDGET GOT WARMFEET, INC.

(theres 3 collums with 16 rows on each one that i can fill in ) PLEASE answer according to that

Explanation / Answer

Hi,

Please find the table/answer as required by you:

Thanks.

Opening Stock of Finished Goods

51000 Opening Stock of WIP
28000
Direct materials:


Opening Stock of Direct Materials 33000

Direct Material Purchases 555000

Cost of Direct Materials Available For Use 588000

Closing Stock of Direct Materials 29000

Cost of Direct Materials Placed in Production 559000

Direct Labor 252000

Factory Overhead 176000

Total Manufacturing Costs
987000
Total Work in Process During the Period
1015000
Closing Stock of WIP
35000
Cost of Goods Manufactured

980000 Cost of Finished Goods Available for Sale

1031000 Closing Stock of Finished Goods

48000 Cost of Good Sold

983000

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