Question

Zoe Corporation has the following information for the month of March: $92,000 6,000 8.000 25,000 Purchases Materials inventory, March 1 Materials inventory, March 31 Direct labor Factory overhead Work in process, March 1 Work in process, March 31 Finished goods inventory, March 1 Fished goods inventory, March 31 37,000 22.000 23,500 21,000 30,000 257,000 79,000 sales and admirative expenses . Prepare a schedule of cost of goods manufactured Zoe Corporation Statement of Cost of Goods Manucured For Morth Ended March 31 S 5. 6 8 9 E R T Y U O Р 8 A H K P 2 С C V B N M alt HP Laptop hp

Answer 1

                                            Zen corporation            

                                                 Cost sheet

                                            For the month end march31

Particular		Amount
Opening Stock of raw material	$6000
Add:purchases	$92000
Less:Closing stock of raw material	$8000	$90000
Direct Labour cost		$25000
Prime cost		$115000
Factory overhead	$37000
Add;opening WIP	$22000
Less:Closing WIP	$23500	$35500
Factory cost		$150500
Add: Opening Stock of Finished Good:		$21000
less: Closing Stock of finished goods:		$30000
Cost of goods sold		$141500
Selling & administrative expenses		$79000
Cost of sales		$220500

                     

                                In the book of zen corporation

Income statement

                           For Month end March31

Particular		Amount
Net sales		$257000
Less: Cost of goods sold		$141500
Direct Material cost	$90000
Direct labour cost	$25000
Factory overhead cost(finished stocks)	$26500
Gross profit		$ 115500
Operating Expenses;
Sales and administrative expenses		$79000
Net income		$36500

                                  

                                       Zen Corporation

                                          Balancesheet

                                   For month ended March 31

Inventory
Material	$90000
Work In progress	$35500
Finished Stock	$-9000
Total Inventory	$116500