Prepare a cost of goods sold budget for June

Assignment Help Accounting Basics
Reference no: EM132716702

Problem - Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 35,000 barrels of oil for purchase in June for $90 per barrel. Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead was budgeted at $400,000 during June. The inventories on June 1 were estimated to be:

Oil $15,200

P1 8,300

P2 8,600

Work in process 12,900

The desired inventories on June 30 were:

Oil $16,100

P1 9,400

P2 7,900

Work in process 13,500

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

Reference no: EM132716702

Questions Cloud

Determine the present value of the bonds payable : Determine the present value of the bonds payable. Present Value of Bond Payable; Premium Moss Co. issued $440,000 of four-year, 12% bonds, with interest payable
How do expectations about gender affect education : How do expectations about gender affect education? How does education affect gender?
National service training program : Can you provide an acronym of SERVICE for the National Service Training Program?
Which statement of realization and liquidation : Which statement of realization and liquidation covering the six months ended August 31, 2019? Liabilities liquidated represents obligations partially settled
Prepare a cost of goods sold budget for June : Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead was budgeted at $400,000 during June. Prepare a cost of goods sold budget
Which accounted freight on unsold merchandise subsequently : Which Accounted freight on unsold merchandise subsequently returned to the consignor by the consignee should be? expensed by the consignor the moment
Which statements concerning an auditor use of the work : Which statements concerning an auditor's use of the work of an auditor's expert in assessing the value of client's intangible assets is correct?
What is the maximum price you should pay for the building : Suppose you want to buy an apartment building. The apartment building will generate a rental income of $6,000 at the end of each month for the next 25 years.
What is the layering of society : What is the layering of society based on income and related aspects called?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Mustaine company sells only one product at a regular price

mustaine company sells only one product at a regular price of amp7.50 per unit. variable expenses are 60 of sales and

  What method yields the highest depreciation expense for

waldum company purchased packaging equipment on january 5 2012 for 135000. the equipment was expected to have a useful

  A machine with a cost of 5443400 has an estimated residual

a machine with a cost of 54434.00 has an estimated residual value of 3652.00 and an estimated life of 7 years or 18391

  Which of the following is included in the cash flows

Which of the following is included in the cash flows from financing activities section of the statement of cash flows?

  Pass journal entries and prepare ledgers and trial balance

Pass journal entries and prepare ledgers and trial balance from the above question. After trial balance, prepare Income statement and Balance Sheet

  What are garibaldi current credit policies

What three changes would you make to the current way of doing business for Garibaldi's house accounts? What are Garibaldi's current credit policies?

  Categorize each of the given stories

Let's see what the "three difficulties with using fiscal policy" look like in real life. Categorize each of the following three stories as either.

  Explain what makes them confusing or opens them for mistakes

Where in the closing process is the easiest for mistakes to be made while processing account transactions. What makes them confusing or opens them for mistakes?

  What was the product cost per unit

A local merchandiser purchases inventory that it subsequently sells to customers. What was the product cost per unit if 1,000 units of inventory were purchased

  Amount of financial depreciation

Prior to and during 2016, Shadrach Company reported tax depreciation at an amount higher than the amount of financial depreciation, resulting in a book value of the depreciable assets of $24,500 for financial reporting purposes and of $20,000 for ..

  Explain the necessary steps client will need

Please explain the options they have and the necessary steps they will need to take in order to be compliant with the tax law.

  Calculate the profit of aberphones

Calculate the profit of Aberphones if they reach their target of selling 4,500 units sold. Should Aberphones consider modifying the Standard phone

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd