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, March 1	22,000
Work in process, March 31	23,500
Finished goods inventory, March 1	21,000
Finished goods inventory, March 31	30,000
Sales	257,000
Sales and administrative expenses	79,000

Required:

Prepare (a) a statement of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) the inventory section of the balance sheet. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on the financial statements. a. Prepare a statement of cost of goods manufactured. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on the statement of cost of goods manufactured. Enter amounts as positive numbers. Zoe Corporation Statement of Cost of Goods Manufactured 1 2 3 4 5 6 7 8 9 10 11 12 13 Income Statement b. Prepare an income statement for the month ended March 31. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on the income statement. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Zoe Corporation Income Statement 1 2 Cost of goods sold: 3 4 5 6 7 8 9 10 11 Partial Balance Sheet c. Prepare the inventory section of the balance sheet. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the balance sheet. Zoe Corporation Partial Balance Sheet 1 2 3 4 5

Answer 1

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