Good Night Manufactures Comforters

question 71

Essay

Good Night manufactures comforters.The estimated inventories on January 1 for finished goods,work in process,and materials were $51,000,$28,000,and $33,000,respectively.The desired inventories on December 31 for finished goods,work in process,and materials were $48,000,$35,000,and $29,000,respectively.Direct material purchases were $555,000.Direct labor was $252,000 for the year.Factory overhead was $176,000.Prepare a cost of goods sold budget for Good Night,Inc.

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Definitions:

Esteem Needs

In Maslow's hierarchy of needs, these are the fourth level and represent the human desire for respect, self-esteem, and recognition from others.

Physiological Needs

Basic physical requirements for human survival, such as food, water, shelter, and oxygen, which are considered the foundation of Maslow's hierarchy of needs.

Affiliation Needs

The psychological requirement for friendship, acceptance, and belonging within a group or community.

Esteem Needs

Psychological requirements relating to self-worth, accomplishment, respect, and recognition, as outlined in Maslow's hierarchy of needs.