Question

Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: $21,000 54,250 35,000 Cost of direct materials used in production 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 87,500 92,750 36,750 42,000

Answer 1

AMOUNT $ 87,500.00 Statement of Goods Manufactured PARTICULARS AMOUNT Work in Process Inventory, Mar1 Cost of Direct Materials used in Production $ 21,000.00 Direct Labour $ 54,250.00 Factory Overhead $ 35,000.00 Total Manufacturing Costs incurred Total Manufacturing Costs Less Closing work in process Inventory Cost of goods Manufactured $ 110,250.00 $ 197,750.00 $ (92,750.00) $ 105,000.00 Statement of Goods Sold PARTICULARS AMOUNT Finished Goods Inventory, Mari Cost of goods Manufactured Cost of Goods Available for Sale Closing Finished Goods Inventory Cost of Goods Sold AMOUNT $ 36,750.00 $ 105,000.00 $ 141,750.00 $ 42,000.00 $ 99,750.00