Check Up Corner $22-2.$ Direct Materials, Direct Labor, and Cost of Goods Sold Budget

Cooperstown Retros makes replica major league baseball jerseys that match those worn in the $1950$ s$.$ The company budgeted production of $15,000$ jerseys in $20$Y$1.$ Each jersey requires $1\mathrm{.}5$ square yards of wool fabric. Wool fabric costs $$14$ per square yard. Each jersey requires cutting and assembly. Assume that $3\mathrm{.}5$ hours are required to cut and assemble each jersey. Labor costs are estimated at $$20$ per hour. Factory overhead was budgeted for $$210,000.$

Estimated January $1$ and desired December $31$ inventories are as follows:

$\backslash$table$[[,$Direct Materials: Wool Fabric,Work in Process,Finished Goods$],[$Estimated inventory, January $1,20$Y$1,2,250$ sq$.$ yds$.,$$$20,000,$$$200,000],[$Desired inventory, December $31,20$Y$1,2,340$ sq$.$ yds$.,$$$24,500,$$$230,000]]$

Prepare $($a$)$ a direct materials purchases budget, $($b$)$ a direct labor cost budget, and $($c$)$ a cost of goods sold budget for Cooperstown for the year ending December $31,20$ Y $1.$