Online teaching and learning resource from Cengage learnig . Imemet Explorer Cos

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Online teaching and learning resource from Cengage learnig . Imemet Explorer Cost of Goods Sold Budgot Prepare a cost of goods sold budget for MyLife Chronidles Inc using the information above. Assume the estimated inventories on January 1, 2016, for finishe gods and work in process were $25,000 and $19,00, respectively. process were $31,500 and $16,700, respectively. Factory overhead was budgeted at $197,100. Round your interim calculations to nearest cent, if Also assame the desired inventories on December 31, 2016, for finished goods and work e requared. Mylife Chronides Inc. Cost of Goods Sold Budget For the Year Ending December 31, 2016 Direct materials:

Explanation / Answer

Mylife Chronicles Inc Cost of Goods Sold Budget For the year ending December 31, 2016 $ Opening WIP            19,000 Add:- Factory Overhead        1,97,100        2,16,100 Less- Closing WIP            16,700        1,99,400 Add:- Opening FG            25,000        1,74,400 Less:- Closing FG            31,500 Cost of Goods Sold        1,42,900 * IT has been assumed that factory overhead also includes the material cost and labour cost.

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