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Cost of Goods Sold Budget Soft Glow Candle Inc. budgeted production of 96,800 candles in 2014. Wax is required to produce a candle. Assume that 8 ounces (one- malf of a pound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 3,100 pounds. The desired December 31, 2014, wax inventory is 5,200 pounds. Candle wax costs $3.80 per pound. Each candle requires molding. Assume that 9 minutes are required to mold each candle. Molding labor costs $15.00 per hour. Prepare a cost of goods sold budget for Soft Glow Candle Inc., using the information above. Assume that the estimated inventories on Danuary 1, 2014, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at 95,170. Round your interim calculations to nearest cent, if required. Soft Glow Candle Inc. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4

Cost of Goods Sold Budget Soft Glow Candle Inc. budgeted production of 96,800 candles in 2014. Wax is required to produce a candle. Assume that 8 ounces (one- malf of a pound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 3,100 pounds. The desired December 31, 2014, wax inventory is 5,200 pounds. Candle wax costs $3.80 per pound. Each candle requires molding. Assume that 9 minutes are required to mold each candle. Molding labor costs $15.00 per hour. Prepare a cost of goods sold budget for Soft Glow Candle Inc., using the information above. Assume that the estimated inventories on Danuary 1, 2014, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at 95,170. Round your interim calculations to nearest cent, if required. Soft Glow Candle Inc. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 3BE: Pasadena Candle Inc. budgeted production of 785,000 candles for January. Wax is required to produce...
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Direct materials: Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Cost of direct materials placed in production Total work in process during the period 0000000 DU 00001
Transcribed Image Text:Direct materials: Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Cost of direct materials placed in production Total work in process during the period 0000000 DU 00001
Cost of Goods Sold Budget Soft Glow Candle Inc. budgeted production of 96,800 candles in 2014. Wax is required to produce a candle. Assume that 8 ounces (one- half of a pound) of wax is required for each candle. The estimated January 1, 2014, wax inventory is 3,100 pounds. The desired December 31, 2014, wax inventory is 5,200 pounds. Candle wax costs $3.80 per pound. Each candle requires molding. Assume that 9 minutes are required to mold each candle. Molding labor costs $15.00 per hour. Prepare a cost of goods sold budget for Soft Glow Candle Inc., using the information above. Assume that the estimated inventories on January 1, 2014, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at $95,170. Round your interim calculations to nearest cent, if required. Direct materials: Soft Glow Candle Inc. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Cost of direct materials placed in production
Transcribed Image Text:Cost of Goods Sold Budget Soft Glow Candle Inc. budgeted production of 96,800 candles in 2014. Wax is required to produce a candle. Assume that 8 ounces (one- half of a pound) of wax is required for each candle. The estimated January 1, 2014, wax inventory is 3,100 pounds. The desired December 31, 2014, wax inventory is 5,200 pounds. Candle wax costs $3.80 per pound. Each candle requires molding. Assume that 9 minutes are required to mold each candle. Molding labor costs $15.00 per hour. Prepare a cost of goods sold budget for Soft Glow Candle Inc., using the information above. Assume that the estimated inventories on January 1, 2014, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at $95,170. Round your interim calculations to nearest cent, if required. Direct materials: Soft Glow Candle Inc. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Cost of direct materials placed in production
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