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

a. Prepare a schedule of cost of goods manufactured. Enter all amounts as positive numbers.

Zoe Corporation
Statement of Cost of Goods Manufactured
For the Month Ended March 31
Beginning work in process inventory, March 1			$
Direct Materials:
Beginning materials inventory	$
Purchases
Cost of materials available for use	$
Less ending materials inventory
Cost of direct materials used		$
Direct labor
Factory overhead
Total manufacturing costs incurred
Total manufacturing costs			$
Less ending work in process inventory
Cost of goods manufactured			$

b. Prepare an income statement for the month ended March 31. Enter all amounts as positive numbers.

Zoe Corporation
Income Statement
For the Month Ended March 31
Sales		$
Cost of goods sold:
	$
	$
Cost of goods sold
Gross Profit		$
Operating expenses:
		$

c. Prepare only the Inventory section of the balance sheet.

Zoe Corporation
Inventory Section of the Balance Sheet
Inventories:
Finished goods	$
Work in process
Materials
Total inventories	$

Answer 1