The Financial Training Academy ltd
EXHIBIT 6 — COST OF GOODS SOLD BUDGET
Direct Work In Finished
Materials Progress Inventory
Beginning Inventory $ 2,500 $ 16,000 $ 46,000
Purchases (Exhibit 3) 17,500
Less Ending Inventory ( 1,875)
Materials Required 18,125
Direct Labor (Exhibit 4) 87,000
Overhead (Exhibit 5) 25,000
Total Manufacturing Costs $ 130,125 130,125
Total Work In Progress 146,125
Less Ending Inventory ( 12,000)
Cost of Goods Manufactured $ 134,125 134,125
Cost of Goods Available for Sale 180,125
Less Ending Inventory ( 36,000)
Cost of Goods Sold $ 144,125
We can now finish our estimate of expenses by looking at all remaining operating expenses.
The first major type of operating expense is marketing. Marketing and Sales Manager's will
prepare and submit a Marketing Budget to upper level management for approval.
EXHIBIT 7 — MARKETING BUDGET
Estimated for each line item per the Marketing Department:
Marketing Personnel $ 75,000
Advertising & Promotion 42,000
Marketing Research 12,000
Travel & Personal Expenses 6,500
Total Marketing Expenses $ 135,500
The final area of operating expenses is the administrative costs of running the overall
business. These types of expenses will be estimated based on past trends and what we
expect to happen in the future. For example, if the company has plans for a new computer
system, then we should budget for additional technology related expenses. Several
department managers will be involved in preparing the General and Administrative Expense
Budget.
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