The controller of Swiss Ceramics Inc. wishes to prepare a cost of goods sold budget for June.
Question:
The controller of Swiss Ceramics Inc. wishes to prepare a cost of goods sold budget for June. The controller assembled the following information for constructing the cost of goods sold budget:
Use the preceding information to prepare a cost of goods sold budget for June2010.
Transcribed Image Text:
Enamel Porcelain Direct materials: Paint Total $33,840 $5,340 $118,980 $158,160 8,280 10,450 Total direct materials purchases budgeted for June Estimated inventory, June 1, 2010 Desired inventory, June 30, 2010 1,150 2,400 2,800 2,050 4,330 6,000 Kiln Decorating Department Direct labor cost: Department Total $41,600 Total direct labor cost budgeted for June $142,400 $184,000 Figurine Finished goods inventories: Dish Bowl Total $ 9,500 11,090 Estimated inventory, June 1, 2010 Desired inventory, June 30, 2010 $4,060 3,350 $2,970 4,150 $2,470 3,590 Work in process inventories: Estimated inventory, June 1, 2010 Desired inventory, June 30, 2010 $ 2800 1,890 Budgeted factory overhead costs for June: Indirect factory wages Depreciation of plant and equipment Power and light $64, 900 12,600 4,900 3,700 $86,100 Indirect materials Total
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
SWISS CETAMICS INC Cost of Goods Sold Budget For the Month En...View the full answer
Answered By
Kennedy Odhiambo
As a professional writer, I have been in the field for over 5 years having worked as a lecture in different tertiary institutions across the world. With this impeccable experience, I assure provision of a good and supporting environment for students to learn.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Managerial Accounting questions
-
Prepare a cost of goods sold budget for Kenwood Manufacturing Inc. for the year ended December 31, 2013, from the following estimates. Inventories of production units: Direct materials purchased...
-
Prepare a cost of goods sold budget for Day Timer Publishers Inc. using the information in Practice Exercises 22-3B and 22-4B. Assume the estimated inventories on January 1, 2010, for finished goods...
-
Prepare a cost of goods sold budget for Soft Glow Candle Co. using the information in Practice Exercises 22-3A and 22-4A. Assume the estimated inventories on January 1, 2010, for finished goods and...
-
Requirement 1 Two contribution format statements: current and proposed based on business decision. Requirement 2 For each option current and proposed business decision) calculate the following: a....
-
In their book, Common Errors in Statistics (and How to Avoid Them), Good and Hardin (2003) wrote, "No one will know whether your [one-tailed] hypothesis was conceived before you started or only after...
-
Syer Company reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in millions): 2016 $ 490) 2017 $ 290 2018 $ 0 2019 $0 2020 $ (980) Syer's 2020 NOL...
-
Explain the difference between Inverse ETFs and Leverage ETFs.
-
The following are several accounts of the Graf Corporation at the end of 2007: Account Credit Balance Common stock , $10 par ............ $ 47,100 Bonds payable (due 2014) ........... 126,000 Premium...
-
In the unit, we learned four different tips for being money smart when choosing a school to attend. Please choose one of those tips, and explain how someone would use it to be money smart?
-
The trial balance of Biju Company, Ltd. at the end of its fi scal year, August 31, 2017, includes these accounts (amounts in thousands): Inventory Rp17,200; Purchases Rp149,000; Sales Revenue...
-
Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Deleware budgeted 25,000 barrels of oil for purchase in September for $72 per barrel. Direct labor budgeted in...
-
Pet Joy Wholesale Inc., a pet wholesale supplier, was organized on May 1, 2010. Projected sales for each of the first three months of operations are as follows: May $360,000 June 450,000 July 600,000...
-
Corporations typically do not first raise capital by issuing stock to the general public. What are the common stages of equity financing leading to an initial public offering (IPO)?
-
Define each of the following terms: a. Cumulative; adjustable-rate preferred stock b. Arrearages c. Lessee; lessor d. Off-balance-sheet financing; ASC 842 e. Residual value f. Warrant; detachable...
-
What are three methods that can be used to disseminate research insights throughout an organization?
-
What is a questionnaire, and what functions does it serve?
-
What is research design?
-
Honda USA is interested in learning what its 1,050 U.S. dealers think about a new service program the carmaker began providing to dealers at the beginning of last year. Honda USA wants to know if the...
-
Interview a business loan officer at a bank to determine the banks lending criteria for small businesses and new businesses. Does it use the five Cs? Which of the five Cs appears to be the most...
-
What is beacon marketing? What are digital wallets?
-
Prove that, if I is the intensity of light transmitted by two polarizing filters with axes at an angle and I' is the intensity when the axes are at an angle 90.0 - , then I + I = I 0 , the original...
-
McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2011, and received a computer that normally sells for $31,495. The note requires annual interest payments...
-
Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January 1, 2011, and received cash of $60,000. In addition, Shlee agreed to sell merchandise to Garcia at...
-
Access the glossary (Master Glossary) to answer the following. (a) What does the term callable obligation mean? (b) What is an imputed interest rate? (c) What is a long-term obligation? (d) What is...
-
The Morrit Corporation has $1,200,000 of debt outstanding, and it pays an interest rate of 8% annually. Morrit's annual sales are $6 million, its average tax rate is 25%, and its net profit margin on...
-
As an Investor, if I purchase a Corp Bond with a Coupon rate of 9%, and I am in the 30% tax bracket, effectively what rate will I be earning? Hint: If I purchased a Muni-Bond with an 8% Coupon rate,...
-
How can performance management systems be used to identify and nurture high-potential talent within the organization ?
Study smarter with the SolutionInn App