Question

Timbuk 3 Company has the following information for March: Cost of direct materials used in production $21,000 Direct labor 54,250 Factory overhead 35,000 Work in process inventory, March 1 87,500 Work in process inventory, March 31 92,750 Finished goods inventory, March 1 36,750 Finished goods inventory, March 31 42,000 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 87,500 Work in process inventory, March 1 Cost of direct materials used in production Direct labor 21,000 Total manufacturing costs incurred during March Total manufacturing costs $ Cost of goods manufactured b. For March, determine the cost of goods sold. Using the data given, prepare a statement of Cost of Goods Sold. Timbuk 3 Company Statement of Cost of Goods Sold Cost of goods sold $

Answer 1

Answer Timbuk 3 Company Statement of Cost of goods manes factured Pasdiculous $ Work in Process inventory, masch! 87,500 cost of desiel-materials used in Direet labor 54,250 factory Oreshead 35,000 referturing Costs incurred 110,250 Prodlue tien 21,000 Total maney during march 197,750 Total manufacturing costs work in Process lovendery, March 31 (92, 750) Cost of goods manu fardere 105,000 Timbuk 3 Company Statement of Cost of goods sell Particulars finished goods 'ementery, maschi 36,750 Cost of goods manufactured 105,000 Cost of dirushed goods available for sales 141,750 Finished goods inventory, March 31 C42,000) Cost of goods sold 99,450