Universal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted

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Universal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted 30,300 barrels of oil for purchase in April for $68 per barrel. Direct labor budgeted in the chemical process was $226,600 for April. Factory overhead was budgeted $370,900 during April. The inventories on April 1 were estimated to be:

Oil........................................$15,900

P1..........................................10,700

P2............................................9,100

Work in process..........................13,100

The desired inventories on April 30 were:

Oil............................$17,400

P1................................9,700

P2...............................8,600

Work in process..............13,600

Use the preceding information to prepare a cost of goods sold budget for April 2017.

Universal Chemical Company uses oil to produce two types of
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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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