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Lasso Company expects to sell 1,750 units in January and 1,990 units in February. The company expects to incur the following product costs: Lasso Company Direct materials cost per unit $52.00 Direct labor cost per unit $57.00 Manufacturing overhead cost per unit $25.00 Total projected manufacturing cost per unit 134 The beginning balance in Finished Goods Inventory is 280 units at $134 each for a total of $37,520. Lasso Company uses FIFO inventory costing method. Prepare the cost of goods sold budget for Lasso Company for January and February.

Lasso Company expects to sell 1,750 units in January and 1,990 units in February. The company expects to incur the following product costs: Lasso Company Direct materials cost per unit $52.00 Direct labor cost per unit $57.00 Manufacturing overhead cost per unit $25.00 Total projected manufacturing cost per unit 134 The beginning balance in Finished Goods Inventory is 280 units at $134 each for a total of $37,520. Lasso Company uses FIFO inventory costing method. Prepare the cost of goods sold budget for Lasso Company for January and February.

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 4E: Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended...
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Lasso Company expects to sell 1,750 units in January and 1,990 units in February. The company expects to incur the following product costs:

Lasso Company

Direct materials cost per unit $52.00
Direct labor cost per unit $57.00
Manufacturing overhead cost per unit $25.00
Total projected manufacturing cost per unit 134

The beginning balance in Finished Goods Inventory is 280 units at $134 each for a total of $37,520. Lasso Company uses FIFO inventory costing method. Prepare the cost of goods sold budget for Lasso Company for January and February.

 

Lasso Company Cost of Goods Sold Budget For the Two Months Ended February 28 January February Beginning Inventory Units produced and sold Total Budgeted Cost of Goods Sold 37,520✔ 234,500 X 272,020 X 266,660 X 266,660✔ 266,660✔ Total 304,180 X 501,160 X 538,680 X
Transcribed Image Text:Lasso Company Cost of Goods Sold Budget For the Two Months Ended February 28 January February Beginning Inventory Units produced and sold Total Budgeted Cost of Goods Sold 37,520✔ 234,500 X 272,020 X 266,660 X 266,660✔ 266,660✔ Total 304,180 X 501,160 X 538,680 X
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