Solution-Prepare a direct materials purchases budget

Prepare a direct materials purchases budget

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Reference no: EM132763882

Problem - Direct Materials, Direct Labor, and Cost of Goods Sold Budget - Cooperstown Retros makes replica major league baseball jerseys that match those worn in the 1950s. The company budgeted production of 15,000 jerseys in 20Y1. Each jersey requires 1.5 square yards of wool fabric. Wool fabric costs $14 per square yard. Each jersey requires cutting and assembly. Assume that 3.5 hours are required to cut and assemble each jersey. Labor costs are estimated at $20 per hour. Factory overhead was budgeted for $210,000. Estimated January 1 and desired December 31 inventories are as follows:

	Direct Materials: Wool Fabric	Work in Process	Finished Goods
Estimated inventory, January 1, 20Y1	2,250 sq. yds.	$20,000	$200,000
Desired inventory, December 31, 20Y1	2,340 sq. yds.	$24,500	$230,000

Required -

1. Prepare a direct materials purchases budget.

2. Prepare a direct labor cost budget.

3. Prepare a cost of goods sold budget for Cooperstown for the year ending December 31, 20Y1.

Reference no: EM132763882

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Prepare a direct materials purchases budget

Reference no: EM132763882

Reference no: EM132763882

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