Hello, based on the information provided, please calculate the missing information needed for the Cost of Goods Sold Budget below.

Background Information: Texas Rex sells t-shirts. Expected sales for each quarter is 1000, 1200, 1500, and 2000 t-shirts at $10.00 each. They anticipate no price change. A production budget tells management how many units must be produced to satisfy anticipated sales and ending inventory needs. Assume the company requires 20% of the next quarters sales in ending inventory and that beginning inventory of t-shirts for the first quarter of the year was 180.The Direct Materials Budget tells management how much must be bought to support production and the cost of those purchases. Plain t-shirts cost $3.00 each, and ink (for the screen printing) cost $0.20 per ounce. The factory needs one plain t-shirt and five ounces of ink for each logoed t-shirt that it produces. Texas Rexs policy is to have 10% of the following quarters needs in ending inventory. The factory has 58 plain t-shirts and 390 ounces of ink on hand on January 1. At the end of the year, the desired ending inventory is 106 plain t-shirts and 530 ounces of ink. The Direct Labor Budget shows how many hours are required for production and the total cost of those hours. It takes 0.12 hours to produce one t-shirt. The average wage cost per hour is $10. The overhead budget shows forecasted variable and fixed overhead costs for the coming year. For Texas Rex the variable overhead rate is $5 per direct labor hour. Fixed overhead is budgeted at $1645 per quarter.

Texas Rex, Inc.

Cost of Goods Sold Budget

For the year ending December 31, 2018

Direct Materials Used

Direct Labor Used

Overhead ____________

Budgeted Manufacturing Costs

Beginning Finished Goods ____________

Cost of Goods Available for Sale

Less Ending Finished Goods _____________

Budgeted Cost of Goods Sold