Question

Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process inventory, March 1 22,000 Work in process inventory, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Selling and administrative expenses 79,000

Prepare a schedule of cost of goods manufactured. Enter all amounts as positive numbers. Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31

Answer 1

Step-by-step explanation:

The preparation of the cost of goods manufactured is presented below:

Zoe Corporation

Statement of Cost of Goods Manufactured

For Month Ended March 31, 20XX

Work in process inventory March 1 $22,000

Direct materials :

Materials inventory, March 1 $6,000

Add: Purchases $92,000

Cost of materials for use $98,000

Less - materials inventory, March 31 -$8,000

cost of materials placed in production $90,000

Add:

Direct labor $25,000

Factory overhead $37.000

Total manufacturing costs added $152,000

Total manufacturing costs $174,000

Less- work in process inventory, March 31 $23,500

Cost of goods manufactured $150,500