Preparing a cost of goods sold budget andrews company manufactures a line of office chairs. each chair takes $14 of direct materials and uses 1.9 direct labor hours at $16 per direct labor hour. the variable overhead rate is $1.20 per direct labor hour, and the fixed overhead rate is $1.60 per direct labor hour. andrews expects to produce 20,000 chairs next year and expects to have 675 chairs in ending inventory. there is no beginning inventory of office chairs. required: prepare a cost of goods sold budget for andrews company.

Cost of goods sold = $960,839

Explanation:

Preparing cost of goods sold budget:

Number of units to be sold = 20,000 - 675 = 19,325

As for the information provided:

Direct Materials = $14 19,325 = $270,550

Direct Labor hours = 1.9 19,325 = 36,717.5

Direct Labor Cost = $16 36,717.5 = $587,480

Variable overhead = $1.20 36,717.5 = $44,061

Fixed overhead  = $1.60 36,717.50 = $58,748

Therefore, cost of goods sold = $960,839.

answer; (consensus);

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