Answer the question based on the information provided in the pictures.

1. Work in Process, January 1st, 2019

2. Finished Goods Inventory, January 1st, 2019

3. Direct materials inventory, January 1st, 2019

4. Direct Materials Purchases

5. Cost of Direct Materials available for use.

6. Less direct inventory, December 31, 2019

7. Cost of direct Materials placed in production.

8. Direct Labor.

9. Factory Overhead.

10. Total manufacturing costs.

11. Total work in process during period.

12. Less work in process inventory, December 31st, 2019

13. Cost of Goods manufactured.

14. Cost of finished goods available for sale.

15. Less finished goods inventory, December 31, 2019.

16. Cost of goods sold.

Hall Diamond Brokers is preparing their budgets for 2013. based on the information below, prepare budgets for the following: t. Sales Budget. ntes retail ales of 172 carat solitaires at 100 units locally is $1,000 b. Management estimates retail sales of 1 carat diamond clusters at 200 units locally and 2.000 units via internet. Retail sales price is $800 2. Direct Materials Purchases Budget. Hall buys the findings (rings unset) and sets the stones themselves. a. Price of solitaire findings are $100 each b. Price of the solitaire diamonds are $300 each. c. Hall wants to have findings a d. Hall expects to 100 solitaire findings and diamonds on hand as of December 31, 2019. have 50 solitaire findings and diamonds on hand as of January 01, 2019. e. Price of the cluster findings are $100 each. f. Price of the cluster diamonds are $300 per ring 9. Hall wants to have 200 h. cluster findings and diamonds on hand as of December 31, 2019. Hall expects to have 100 cluster findings and diamonds on hand as of Januray 01, 2019. 3. Production Budget Calculate units of each ring type to be produced based upon previous data 4. Direct Labor Cost Budget. required to set solitaires is 0.50 hour each b. Time required to set clusters is 1 hour each. c. Time required to polish solitaires is 0.25 hour each. d. Time required to polish clusters is 0.50 hour each e. Hourly rate for setting is $25.00 per hour f. Hourly rate for polishing is $12.00 per hour. 5. Factory Overhead Budget. a. Indirect Factory Wages b. Supervisor Wages c. Power and Light d. Depreciation of Plant Equipment e. Indirect Materials f. Maintenance 20,000.00 50,000.00 24,000.00 0,000.00 30,000.00 2,000.00 14,000.00 g. Insurance and Property Taxes Cost of Goods Sold Budget a. Beginning Finished Goods inventory 150 completed solitaire rings and 150 completed cluster rings Calculate total beginning inventory costs. b. There was no Work in Process as of January 01, 2019. c. There will be no Work in Process as of December 31, 2019