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

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Accounting

Cost of Goods Sold Budget

Wilmington Chemical Company uses oil to produce two types ofplastic products, P1 and P2. Wilmington budgeted 31,900 barrels ofoil for purchase in June for $63 per barrel. Direct labor budgetedin the chemical process was $221,100 for June. Factory overhead wasbudgeted $361,700 during June. The inventories on June 1 wereestimated to be:

Oil$15,500
P110,400
P28,800
Work in process12,800

The desired inventories on June 30 were:

Oil$17,000
P19,500
P28,400
Work in process13,300

Use the preceding information to prepare a cost of goods soldbudget for June.

Wilmington Chemical Company
Cost of Goods Sold Budget
For the Month Ending June 30
$fill in the blank 2
$fill in the blank 4
Direct materials:
$fill in the blank 6
fill in the blank 8
$fill in the blank 10
fill in the blank 12
$fill in the blank 14
fill in the blank 16
fill in the blank 18
fill in the blank 20
$fill in the blank 22
fill in the blank 24
fill in the blank 26
Cost of finished goods available for sale$fill in the blank 28
Less finished goods inventory, June 30fill in the blank 30
Cost of goods sold$fill in the blank 32

Answer & Explanation Solved by verified expert
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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