Question

From the following details provided by Barry, Inc., prepare the cost of goods sold budget for...

From the following details provided by Barry, Inc., prepare the cost of goods sold budget for the year (complete the below table).

Direct materials per unit                                                                          $65

Direct labor hours per unit                                                              2 hours

Direct labor rate per hour                                                                         $50

Manufacturing overhead cost per direct labor hour                        $20

Beginning inventory units                                                                   1,000

Sales price per unit                                                                                  $250

                                                                              First          Second             Third          Fourth

                                                                       Quarter         Quarter         Quarter        Quarter

Units expected to be sold:                         15,000           18,000           21,000           24,000           

Barry, Inc. expects no inventory units at the end of the second, third and fourth quarters.

Answer:

                                                                       Barry, Inc.

                                                       Cost of Goods Sold Budget

                                           For the Year Ended December 31, 20XX

                                                                              First            Second           Third             Fourth

                                                                       Quarter           Quarter          Quarter       Quarter

Beginning inventory (1,000 units)*                $x

Units produced and sold in 20XX

@ $205 each                                                          $x                     $x                      $x                     $x

(15,000**, 18,000, 21,000, 24,000

units per quarter)                                _________    _________     _________    _________

Total budgeted cost of goods                               

sold                                                                          $x                     $x                      $x                     $x

*Calculation of cost of beginning inventory:

Business   Accounting   
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Answer #1

BARRY INC .

COST OF GOODS SOLD BUDGET

FOR THE YEAR ENDED DECEMBER 31,20XX
1 2 3 4
Beginning inventory 1000*205=205000 0 0 0
Units produced and sold 14000*205=2870000 18000*205=3690000 21000*205=4305000 24000*205 =4920000

Total budgeted cost of goods sold

 3075000 3690000 4305000 4920000

Assuming cost of beginning inventory is same as of current year amounting to $ 205 per unit.Also Units produced and sold in Q1 = 15000 sold -1000 in Beginning inventory = 14000 units sold from current production

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