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Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work...

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Accounting

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $30,000, and $29,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $45,000, $38,000, and $20,000, respectively. Direct materials purchases were $560,000, direct labor was $241,000 for the year, and factory overhead was $152,000.

Prepare a cost of goods sold budget for Sleep Tight, Inc.

Sleep Tight, Inc.
Cost of Goods Sold Budget
For the Year Ending December 31
Finished goods inventory, January 1 $
Work in process inventory, January 1 $
Direct materials:
Direct materials, January 1 $
Direct materials purchases
Cost of direct materials available for sale $
Direct materials inventory, December 31
Cost of direct materials placed in production $
Direct labor
Factory overhead
Total manufacturing costs
Total work in process during the period $
Work in process inventory, December 31
Cost of goods manufactured
Cost of finished goods available for sale $
Finished goods inventory, December 31
Cost of goods sold $

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