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. Good Night, 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 inventory, January 1 Direct materials purchases Cost of direct materials available for use Less direct materials inventory, December 31 Cost of direct materials placed in production s Direct labor Factory overhead Total manufacturing costs Total work in process during the period Less work in process inventory, December 31 Costs of good manufactured Cost of finished goods available for sale Less finished goods inventory, December 31 Costs of goods sold

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $39,000, $33,000, and $25,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $42,000, $35,000, and $20,000, respectively. Direct materials purchases were $570,000, direct labor was $249,000 for the year, and factory overhead was $141,000. 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…

Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials used in production: Molding Department, $27,000; and Firing Department, $4,500. b. Direct labor costs: Molding Department, $18,600; and Firing Department, $4,600. c. Manufacturing overhead was applied: Molding Department, $23,700; and Firing Department, $37,900. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. The cost of the unfired, molded bricks was $66,200. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. The cost of the finished bricks was $108,600. f. Finished bricks were sold to customers. The cost of the finished bricks sold was $106,200. Required: Prepare journal entries to record items (a) through (f) above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $33,000, and $27,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $45,000, $35,000, and $20,000, respectively. Direct materials purchases were $565,000, direct labor was $233,000 for the year, and factory overhead was $158,000. 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…