Level 4 Budgeting

MEW1123

Can someone please explain how you calculate the "Closing inventory of finished goods" & the "Cost of goods sold" amount for the Operating Budget table on question 1.3 of the sample assessments?

Thanks

rosiefaith

Hello,

I work out CIOFG as-
total cost of production divided by your production then multiply by your units of closing inv of finished goods (on your production budget table)

Then costs of goods sold- opening inv of FG + costs of production then minus closing inv of FG.

Although I am also in the middle of revision for this so please incorrect me if im wrong!!

Good luck :)

onetimemikey

Thanks rosiefaith, good work!

MEW1123

That's worked for me too! Thank you so much!

rosiefaith

Not a problem.
I have my exam for this Thursday.

Good luck everyone!

dalmatian

Thanks!