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Cost of Goods Sold Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that...

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Question

Accounting

Cost of Goods Sold

Pietro Frozen Foods, Inc., produces frozen pizzas. For nextyear, Pietro predicts that 49,400 units will be produced, with thefollowing total costs:

Direct materials?
Direct labor69,000
Variable overhead27,000
Fixed overhead240,000

Next year, Pietro expects to purchase $124,500 of directmaterials. Projected beginning and ending inventories for directmaterials and work in process are as follows:

Direct materials
Inventory		Work-in-Process
Inventory
Beginning$6,000$13,000
Ending$5,900$15,000

Pietro expects to produce 49,400 units and sell 48,700 units.Beginning inventory of finished goods is $42,500, and endinginventory of finished goods is expected to be $34,000.

Required:

1. Prepare a statement of cost of goods sold ingood form.

Pietro Frozen Foods, Inc.
Statement of Cost of Goods Sold
For the Coming Year
$
$
$

2. What if thebeginning inventory of finished goods decreased by $5,000? Whatwould be the effect on the cost of goods sold?
  by $

Answer & Explanation Solved by verified expert
4.0 Ratings (797 Votes)
1 Budgeted Cost of Goods Sold For the Coming Year a Work in Process Beginning Inventory 1300000 b Direct Materials c Direct Materials Beginning Inventory 600000 d Direct    See Answer
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