Assume the estimated January 1 inventory for finished goods and work in process were $54,000 and $47,000 respectively. Also assume the desired December 31 inventories for
finished goods and work in process were $50,000 and $49,000 respectively. Factory overhead was budgeted for $126,000.
Using the information on the previous tabs, prepare a cost of goods sold budget for Coopie Awards for the current year.
Budgeted Cost of Goods Sold
For the current year
Work in process Inventory January 1
Direct materials inventory January 1 (Note a)
Direct materials purchases
Cost of direct materials available for sale
Less direct materials December 31 (note b)
Cost of direct materials used in production
Cost of goods added to production
Cost of goods available
Less work in process December 31 inventory
Cost of goods manufactured
Plus Finished goods January 1
Less finished goods December 31
Cost of goods sold
Note a: 240000 X $0.12
Note b: 200000X.12
The following are date for the sales and administrative budget for Coopie Awards:
Sales Commissions7% of sales
Advertising Expense18% of sales
Misc. selling expense$1,750 plus 4% of sales
Office salaries expense$12,000 per month
office supplies expense5% of sales
Misc administrative expense$1,400 per month plus 2% of sales
Requirement: Prepare the selling and admin budget for Coopie Awards
Selling and Administrative Budget
For the current Year
Miscellaneous selling expenses
Total selling expenses
Miscellaneous administrative expenses
Total administrative expenses
Total selling and administrative expenses
Coopie Awards pays 40% in income taxes.
Requirement: Prepare Coopie Awards’ budgeted income statement
Budgeted Income Statement
For the current year
Cost of Goods sold0
Selling and administrative expenses0
Income from operations$0
Coopie Awards sold 43,000 brass plaques for the current year with the following results. In the discussion forum comment on Coopie Awards results.
Hint: Preparing a flexible budget will help in analyzing the results. Please show the flexible budget on this tab.
Actual ResultsBudget based on 45000 unisVariance
Sales Revenue $1,548,000 $1,575,000 $27,000 Unfavorable
Direct Materials costs498000518400$20,400 Favorable
Direct Labor Costs9480099000$4,200 Favorable
total dierct costs $718,800 $743,400 $24,600 Favorable
Selling and administrative cost700000729550$29,550 Favorable
operating income $129,200 $102,050 ($27,150)Favorable
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