The Zoe Corporation has thefollowing information for the month of March. Prepare a schedule ofcost of goods manufactured.
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, March 1
22,000
Work in process, March 31
18,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
25,000
Sales
257,000
Sales and administrative expenses
79,000
ANS:
Zoe Corporation
Statement of Cost of Goods Manufactured
Answer all in bold
Work in process inventory March 1
Direct Materials:
Materials inventory, March 1
Purchases
Cost of materials for use
Less materials inventory, March 31
Cost of materials placed inproduction
Direct Labor
Factory overhead
Total manufacturing costs added
Total manufacturing costs
Less work in process inventory, March 31
Cost of goods manufactured
The Zoe Corporation has thefollowing information for the month of March. Prepare a schedule ofcost of goods manufactured.
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, March 1 | 22,000 |
Work in process, March 31 | 18,500 |
Finished goods inventory, March 1 | 21,000 |
Finished goods inventory, March 31 | 25,000 |
Sales | 257,000 |
Sales and administrative expenses | 79,000 |
ANS:
Zoe Corporation | |||
| Statement of Cost of Goods Manufactured Answer all in bold | |||
Work in process inventory March 1 | |||
Direct Materials: | |||
Materials inventory, March 1 | |||
Purchases | |||
Cost of materials for use | |||
Less materials inventory, March 31 | |||
Cost of materials placed inproduction | |||
Direct Labor | |||
Factory overhead | |||
Total manufacturing costs added | |||
Total manufacturing costs | |||
Less work in process inventory, March 31 | |||
Cost of goods manufactured | |||
Related questions
Zoe Corporation has the following information for the month ofMarch:
| 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, March1 | 22,000 |
| Work in process inventory, March31 | 23,500 |
| Finished goods inventory, March1 | 21,000 |
| Finished goods inventory, March31 | 30,000 |
| Sales | 257,000 |
| Selling and administrativeexpenses | 79,000 |
Required:
| Prepare (a) a schedule of costof goods manufactured, (b) an income statement for the month endedMarch 31, and (c) the Inventory section of the balance sheet. Referto the Labels and Amount Descriptions provided for the exactwording of the answer choices for text entries. Be sure to completethe statement heading. âLessâ or âPlusâ will automatically appearif it is required. You will not need to enter colons (:) on thefinancial statements. Enter all amounts as positivenumbers. |
| Labels | |
| Direct materials | |
| For the Month Ended March 31 | |
| Inventories | |
| March 31 | |
| Operating expenses | |
| Amount Descriptions | |
| Beginning finished goodsinventory | |
| Beginning materials inventory | |
| Beginning work in processinventory, March 1 | |
| Cost of finished goods availablefor sale | |
| Cost of goods manufactured | |
| Cost of goods sold | |
| Cost of materials available foruse | |
| Cost of materials used | |
| Direct labor | |
| Ending finished goodsinventory | |
| Ending materials inventory | |
| Ending work in processinventory | |
| Factory overhead | |
| Finished goods | |
| Gross profit | |
| Materials | |
| Net income | |
| Net loss | |
| Purchases | |
| Sales | |
| Selling and administrativeexpenses | |
| Total inventories | |
| Total manufacturing costs | |
| Total manufacturing costsincurred | |
| Work in process |
Prepare a schedule of cost of goods manufactured. Refer to theLabels and Amount Descriptions provided for the exact wording ofthe answer choices for text entries. Be sure to complete thestatement heading. âLessâ or âPlusâ will automatically appear if itis required. You will not need to enter colons (:) on the statementof cost of goods manufactured. Enter all amounts as positivenumbers.
Zoe Corporation |
Statement of Cost of Goods Manufactured |
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13 |
Prepare an income statement for the month ended March 31. Referto the Labels and Amount Descriptions provided for the exactwording of the answer choices for text entries. Be sure to completethe statement heading. âLessâ or âPlusâ will automatically appearif it is required. You will not need to enter colons (:) on theincome statement.
Zoe Corporation |
Income Statement |
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2 | |||
3 | |||
4 | |||
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10 | |||
11 |
Prepare the Inventory section of the balance sheet. Refer to theLabels and Amount Descriptions provided for the exact wording ofthe answer choices for text entries. Be sure to complete thestatement heading. You will not need to enter colons (:) on thebalance sheet.
Zoe Corporation |
Partial Balance Sheet |
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2 | ||
3 | ||
4 | ||
5 |
