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QUESTION

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

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