Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products,...

4.2 Ratings (664 Votes)

Cost of Goods Sold Budget
For the Month Ending June 30
Finished goods inventory, June 1			18200	=9800+8400
Work in process inventory, June 1		12100
Direct materials:
Direct materials inventory, June 1	14600
Direct materials purchases	1742000			=26000*67
Cost of direct materials available for use	1756600
Less direct materials inventory, June 30	16100
Cost of direct materials placed in production	1740500
Direct labor	209000
Factory Overhead	313600
Total manufacturing costs		2263100
Total work in process during the period		2275200
Less work in process inventory, June 30		12500
Cost of goods manufactured			2262700
Cost of finished goods available for sale			2280900
Less finished goods inventory, June 30			16900	=9000+7900
Cost of goods sold			2264000

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Wilmington Chemical Company
Cost of Goods Sold Budget
For the Month Ending June 30
Finished goods inventory, June 1			$
Work in process inventory, June 1		$
Direct materials:
Direct materials inventory, June 1	$
Direct materials purchases
Cost of direct materials available for use	$
Less direct materials inventory, June 30
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, June 30
Cost of goods manufactured
Cost of finished goods available for sale			$
Less finished goods inventory, June 30
Cost of goods sold			$

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