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bar. Import bookmarks now.. The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,570 Direct labor 28,702 37,461 20,845 18,705 24,906 22,758 Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold
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Answer #1

Answer to Part A of the question: Cost of goods manufactured = $ 83,873

Answer to a part Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31 Particulars Amount Amount Work in process inventory, March 1 Cost of material placed in production Direct Labor Factory overhead 20,845 $15,570 $28,702 $37,461 0 Total manufacturing cost added 81,733 (15,570 28,702 37,461) Total manufacturing costs $ 1,02,578 (20,84581,733) 2 Less: Work in process inventory, March 31 18,705 $ 83,873 (102,578 18,705) Cost of goods manufactured Explanation: The cost of goods manufactured includes all the production expenses incurred to produce finished goods from work in process inventory. We include only production expense, not expenses like office expenses. As we can see from the above statement, we will include direct material, direct labour and factory overheads, (i.e production expenses) taking into account the work in process in the beginning and at the end. When we subtract the work in process which remains at the end of the month, it gives us the goods that have been actually manufactured for that month

Answer to Part B of the question: Cost of goods sold = $ 86,021

Answer to b part Zoe Corporation Statement of Cost of Goods Sold For the Month Ended March 31 Particulars Amount Finished goods inventory, March 1 Cost of goods manufactured Cost of finished goods available for sale Less: Finished goods inventory, March 31 Cost of goods sold $ 24,906 83,873 $ 1,08,779 (24,906 83,873) $ 22,758 $ 86,021 (108,779 22,758) Explanation: Cost of goods sold is commonly known also as cost of sales, it can be referred as the cost of the inventory that has been sold. To determine Cost of goods sold we will add the finished goods ready for sale as well as cost of goods manufactured (refer to part A of the question) and subtract the finished goods inventory that has not been sold

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