Question

The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,609 Direct labor 29,728 Factory overhead 33,806 Work in process inventory, March 1 24,579 Work in process inventory, March 31 20,303 Finished goods inventory, March 1 24,179 Finished goods inventory, March 31 23,367 a. Determine the cost of goods manufactured. $fill in the blank 1 b. Determine the cost of goods sold. $fill in the blank 2

Answer 1

See below

Step-by-step explanation:

Given the above information,

a.Cost of goods manufactured is computed as;

= Beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

= $24,579 + $17,609 + $29,728 + $33,806 - $20,303

= $85,419

b. Cost of goods sold is computed as;

= Beginning finished inventory + cost of goods manufactured - ending finished inventory

= $24,179 + $85,419 - $23,367

= $86,231