Calculate finished goods and cost of goods manufactured
See attached Excel file.
Harmony Corporation manufactures and sells a single product. In preparing the budget for the first
quarter, the company's cost accountant has assembled the following information:
Sales (budgeted) 150,000 $12,150,000.00
Finished goods inventory, Jan. 1 (actual) 30,000 $1,080,000.00
Finished goods inventory, Mar. 31 (budgeted) 20,000 ?
Cost of finished goods manufactured (budgeted manufacturing cost is $39 per unit) ? ?
The company uses the first-in, first-out method of pricing its inventory of finished goods.
Compute the following budgeted quantities or dollar amounts:
a. Planned production of finished goods (in units)
b. Cost of finished goods manufactured.
c. Finished goods inventory, March 31. (Remember to use the first-in, first-out method in pricing the inventory)
d. Cost of goods sold.
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The solution explains how to calculate the amount of finished goods and the cost of goods manufactured.
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