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

*all of these are of the same question***

Answer 1

Cost of goods manufactured $ 22,000 Beg WIP inventory Direct materials Beg raw material Purchases Raw material available for use End raw material Cost of direct materials used $ 6,000 $ 92,000 $ 98,000 $ 8,000 $ 90,000 Direct Labor Factory overhead $ $ 25,000 37,000 Total manufacturing cost incurred Total manufacturing cost End WIP inventory Cost of goods manufactured $ $ $ $ 152,000 174,000 23,500 150,500

Income statement $ 257,000 Sales revenue Cost of goods sold Beg Finished inventory Cost of goods manufactured Cost of goods available for sale End finished inventory Cost of goods sold Gross profit $ 21,000 $ 150,500 $ 171,500 $ 30,000 $ 141,500 $ 115,500 Operating expense Selling & admin exp $ 79,000 Net income $ 36,500

Inventories Finished goods Work in progress Material $ 30,000 $ 23,500 $ 8,000 Total $ 61,500