Good Night, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $51,000, $28,000, and $33,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $48,000, $35,000, and $29,000, respectively. Direct materials purchases were $555,000. Direct labor was $252,000 for the year. Factory overhead was $176,000. Prepare a cost of goods sold budget for Good Night, Inc.

Answer:

Good Night, Inc.

Cost of goods sold budget

Beginning Finished Goods  Inventory                    $51,000

Add Cost of Goods Manufactured                       $980,000

Less Ending Finished Goods Inventory                ($48,000)

Cost of goods sold                                                $947,000

Explanation:

Step 1 : Determine the Direct Materials used in Production

Beginning Materials Inventory                                $33,000

Add Material Purchases                                        $555,000

Less Ending Materials Inventory                           ($29,000)

Direct Materials used in Production                     $559,000

Step 2 : Determine the Cost of Goods Manufactured

Beginning Work In Process Inventory                    $28,000

Add Manufacturing Costs :

Direct Materials used                   $559,000

Direct labor                                   $252,000

Factory overhead                         $176,000         $987,000

Less Ending Work In Process Inventory               ($35,000)

Cost of Goods Manufactured                               $980,000

Step 3 : Prepare the Cost of goods sold budget

Beginning Finished Goods  Inventory                    $51,000

Add Cost of Goods Manufactured                       $980,000

Less Ending Finished Goods Inventory                ($48,000)

Cost of goods sold                                                $947,000

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