Reference no: EM132942354
Dayals Manufacturing limited manufactures goods and sell it to its retailers around the pacific. The cost of manufacturing for the year ending 30 December 2020:
COST OF GOODS MANUFACTURED
Direct Materials
Opening Raw Material (1/1/20) $500,000.00
Add: Purchases $350,000.00
Freight Inwards $2,250.00
Materials Available for use $852,250.00
Less: Closing Raw Materials (31/12/20) $305,280.00
Cost of Raw Materials Used $546,970.00
Direct Labour
Wages for Factory Workers $350,000.00
Manufacturing Overhead
Indirect Material $65,000.00
Factory Insurance $4,500.00
Factory Supervisor's Wages $40,000.00
Utilities for Factory $3,000.00
$112,500.00
Cost of Goods Manufactured $1,009,470.00
The following were the fluctuations forecasted for the next year:
Purchases of raw materials to be increase by 80%
Raw Materials Inventory (31/12/21) will be $310,800
Freight Inwards to be $4500
Wages for factory workers to increase to $520,000
Finished Goods Inventory for 31/12/20was $ 450,000
Finished inventory (31/12/21) is forecasted to be $375,000
All other amounts will remain as it is.
The number of unit sold for the year 2021 was 65000 units.
Required
Problem a) Prepare Cost of Goods Sold Forecast for Dayals Manufacturing Ltd.
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