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:

Units Dollars
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.

Instructions

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.

Attachments

Solution Summary

The solution explains how to calculate the amount of finished goods and the cost of goods manufactured.