Zoe Corporation has the following information for the month of March: Purchases
ID: 2432315 • Letter: Z
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 a. 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 $ Direct Materials: $ $ Cost of direct materials used $ Total manufacturing costs incurred Total manufacturing costs $ Cost of goods manufactured $ b. Prepare an income statement for the month ended March 31. Enter all amounts as positive numbers. Zoe Corporation Income Statement For the Month Ended March 31 $ Cost of goods sold: $ $ Cost of goods sold Gross Profit $ Operating expenses: $ c. Prepare only the Inventory section of the balance sheet. Zoe Corporation Inventory Section of the Balance Sheet Inventories: Finished goods $ Work in process Materials Total inventories $
Explanation / Answer
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Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31 Direct materials: Beginning materials inventory $ 6000 Direct material purchases 92000 Direct materials available for use 98000 Ending materials inventory 8000 Direct materials used 90000 Direct labor 25000 Factory overhead 37000 Total manufacturing costs 152000 Beginning work in process inventory 22000 Total work in process inventory 174000 Ending work in process inventory 23500 Cost of goods manufactured 150500Related Questions
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