Warmfeet manufactures comforters. Assume the estimated inventories on January 1, 2012, for finished goods, work in process,
Question:
Warmfeet manufactures comforters. Assume the estimated inventories on January 1, 2012, for finished goods, work in process, and materials were $40,000, $34,000 and $27,000, respectively. Also assume the desired inventories on December 31, 2012, for finished goods, work in process, and materials were $42,000, $33,000 and $20,000, respectively. Direct material purchases were $570,000. Direct labor was $211,000 for the year. Factory overhead was $152,000.
Prepare a cost of goods sold budget for Warmfeet, Inc.
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Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac