Question

eBook Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production$36,000 Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 45,000 37,000 27,000 36,250 24,000 17,000 a. For March, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3 Company Statement of Cost of Goods Manufactured Direct labor x ธุ์ 45,000) x Cost of direct materials used in production36.000 Finished goods inventory, March 1 x Factory overhead Total manufacturing costs incurred during March Total manufacturing costs Less finished goods inventory, March 31 x 81.000 x 37.000 118,00o 27.000 x 36,520X Cost of goods manufactured 108.750 a. Add direct materials, direct labor, and factory overhead to the beginning work in process. Subt b. For March, determine the cost of goods sold. the data oiven, prepare a statement of Cost of Goods Sold MY Work 2 more Check My Work uses remaining

Answer 1

Timbuk 3 Company

Statement of Cost of Goods Manufactured

Work in process inventory, March 1		27000
Cost of direct materials used in production	36000
Direct labor	45000
Factory overhead	37000
Total manufacturing costs incurred during March		118000
Total manufacturing costs		145000
Less work in process inventory, March 31		36250
Cost of goods manufactured		108750

Timbuk 3 Company

Statement of Cost of Goods Sold

Finished goods inventory, March 1	24000
Cost of goods manufactured	108750
Cost of finished goods available for sale	132750
Less finished goods inventory, March 31	17000
Cost of goods sold	115750