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

4.4 Ratings (842 Votes)

Wilmington Chemical Company
Cost of Goods Sold Budget
For the Month Ending June 30
Finished goods inventory, June 1			19200	=10400+8800
Work in process inventory, June 1		12800
Direct materials:
Direct materials inventory, June 1	15500
Direct materials purchases	2009700			=31900*63
Cost of direct materials available for use	2025200
Less: Direct materials inventory, June 30	17000
Cost of direct materials placed in production	2008200
Direct labor	221100
Factory Overhead	361700
Total manufacturing costs		2591000
Total work in process during the period		2603800
Less: Work in process inventory, June 30		13300
Cost of goods manufactured			2590500
Cost of finished goods available for sale			2609700
Less: Finished goods inventory, June 30			17900	=9500+8400
Cost of goods sold			2591800

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