Daybook Inc. budgeted production of 403,500 personal journals in 20Y6. Paper is required to produce a...

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Solution

Daybook Inc.
Cost of goods sold budget
For the Year ending Dec 31 20Y6
Finished goods inventory -Jan 1			$ 28,000
Work in process inventory Jan 1		$ 16,500
Direct materials used
Raw material Inventory Beginning	$ 16,160
Raw material Purchased	$ 160,800
Raw material available for use	$ 176,960
Less: Raw material Inventory Ending	$ 15,560
Direct Material Used	$ 161,400
Direct labor	$ 699,400
Manufacturing Overheads	$ 214,600
Total manufacturing cost incurred during the year		$ 1,075,400
Total manufactiuring cost to account for		$ 1,091,900
Less: WIP inventory, Dec 31		$ 14,300
Cost of goods manufactured			$ 1,077,600
Goods available for sale			$ 1,105,600
Less: Ending Finished goods inventory			$ 30,000
Cost of goods sold			$ 1,075,600

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DAYBOOK INC.
Cost of Goods Sold Budget
For the Year Ending December 31, 20Y6
			$
		$
Direct materials:
	$

	$

Cost of direct materials placed in production	$



Total work in process during period		$


			$

			$

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