The Zoe Corporation has the following information for the month of March. Prepar

Question

The Zoe Corporation has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet. Purchases $92,000 Matrieals inventory, March 1st 6,000 Materials inventory, march 31st 8,000 Direct Labor 25,000 Factory overhead 37,000 Work in [rocess, March 1ST 22,000 Work in process, March 31ST 18,500 fINISHED GOODS INVENTORY, mARCH 1ST 21,000 fINISHED GOOD INVENTORY, MARCH 31ST 25,000 Sales 257,000 sales and administrative expenses 79,000 Sales and administrativ

Explanation / Answer

a. Schedule of cost of goods manufactured:Direct materials: Beginning Inventory6,000 Purchases of direct materials92,000 Cost of direct materials available for use98,000 Ending inventory8,000 Direct materials used 90,000Direct manufacturing labor 25,000Manufacturing overhead costs 37,000Manufacturing costs incurred 152,000Beginning work in process inventory 22,000Total manufacturing costs to account for 174,000Ending work in process inventory 18,500Cost of goods manufactured 155,500 b. income

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.