- O Sleep Tight Inc Manufactures Comforters The Estimated Inventories On January 1 For Finished Goods Work In Process 1 (38.26 KiB) Viewed 44 times
o Sleep Tight, Inc., manufactures comforters. The estimated Inventories on January 1 for finished goods, work in process, and materials were $37,000, $31,000, and $29,000, respectively. The desired Inventories on December 31 for finished goods, work in process, and materials were $46,000, $34,000, and $20,000, respectively. Direct materials purchases were $565,000, direct labor was $248,000 for the year, and factory overhead was $143,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials, January 1 Direct materials purchases Cost of direct materials available for sale Direct materials inventory, December 31 Cost of direct materials placed in production Direct labor D Factory overhead Total manufacturing costs Total work in process during the period JU DI Maromber 21