Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $34,000, and $28,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $41,000, $35,000, and $19,000, respectively. Direct materials purchases were $555,000, direct labor was $204,000 for the year, and factory overhead was $147,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. 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 $fill in the blank 3 fill in the blank 4 $fill in the blank 5 fill in the blank 6 $fill in the blank 7 fill in the blank 8 fill in the blank 9 $fill in the blank 2 fill in the blank 10 $fill in the blank 11 fill in the blank 12 $fill in the blank 1 fill in the blank 13 $fill in the blank 14. fill in the blank 15 $fill in the blank 16
Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $34,000, and $28,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $41,000, $35,000, and $19,000, respectively. Direct materials purchases were $555,000, direct labor was $204,000 for the year, and factory overhead was $147,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. 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 $fill in the blank 3 fill in the blank 4 $fill in the blank 5 fill in the blank 6 $fill in the blank 7 fill in the blank 8 fill in the blank 9 $fill in the blank 2 fill in the blank 10 $fill in the blank 11 fill in the blank 12 $fill in the blank 1 fill in the blank 13 $fill in the blank 14. fill in the blank 15 $fill in the blank 16
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials
were $40,000, $34,000, and $28,000, respectively. The desired inventories on December 31 for finished goods, work in process, and
materials were $41,000, $35,000, and $19,000, respectively. Direct materials purchases were $555,000, direct labor was $204,000 for
the year, and factory overhead was $147,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc.
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
$fill in the blank 3
fill in the blank 4
$fill in the blank 5
fill in the blank 6
$fill in the blank 7
fill in the blank 8.
fill in the blank 9
$fill in the blank 2
fill in the blank 10
$fill in the blank 11
fill in the blank 12
$fill in the blank 1
fill in the blank 13.
$fill in the blank 14
fill in the blank 15
$fill in the blank 16
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