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Cost of goods sold, cost of goods manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production 21000 Direct labor 54250 Factory overhead 35000 Wo
Cost of goods sold, cost of goods manufactured
Timbuk 3 Company has the following information for March:
Cost of direct materials used in production
21000
Direct labor
54250
Factory overhead
35000
Work in process inventory, March 1
87500
Work in process inventory, March 31
92750
Finished goods inventory, March 1
36750
Finished goods inventory, March 31
42000
a. For March, determine the cost of goods manufactured.
Using the dada given, prepare a statement of cost of goods manufactured.
b. For March, determine the cost of goods sold.
Using the data given, prepare a statement of cost of goods sold.
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- ANSWER
a. For March, determine the cost of goods manufactured.
Timbuk 3 Company
Statement of Cost of Goods Manufactured
Work in proess inventory, March 1 87500
Cost of direct materials used in production21000
Direct labor54250
Factory overhead35000
Total manufacturing cost incurred during March 110250
Total manufacturing costs 197750
Less work in process inventory, March 31 -92750
Cost of goods manufactured 105000
b. For March, determine the cost of goods sold.
Timbuk 3 Company
Statement of Cost of Goods Sold
Finished goods invenory, March136750
Cost of goods manufactured105000
Cost of finished goods available for sale 141750
Less finished goods inventory, March31-42000
Cost of goods sold 99750