Question

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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

Required:

Prepare (a) a schedule 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. Enter all amounts as positive numbers.

Labels and Amount Descriptions

Labels
Direct materials
For the Month Ended March 31
Inventories
March 31
Operating expenses
Amount Descriptions
Beginning finished goods inventory
Beginning materials inventory
Beginning work in process inventory, March 1
Cost of finished goods available for sale
Cost of goods manufactured
Cost of goods sold
Cost of materials available for use
Cost of materials used
Direct labor
Ending finished goods inventory
Ending materials inventory
Ending work in process inventory
Factory overhead
Finished goods
Gross profit
Materials
Net income
Net loss
Purchases
Sales
Selling and administrative expenses
Total inventories
Total manufacturing costs
Total manufacturing costs incurred
Work in process

Statement of Cost of Goods Manufactured

Prepare a schedule 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 all amounts as positive numbers.

Zoe Corporation

Statement of Cost of Goods Manufactured

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Income Statement

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.

Zoe Corporation

Income Statement

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Partial Balance Sheet

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

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Answer 1

Cost of goods manufactured
Work in process inventory,March 1						22,000
Raw materials used
Materials inventory,March 1				6,000
Add:purchases				92,000
total cost of raw materials available for use				98,000
Materials inventory,March 31				8,000
Raw materials used					90,000
Direct labor					25,000
Factory overhead					37,000
total manufacturing costs						152,000
total manufacturing cost and work in process						174,000
less:work in process inventory,March 31						23,500
Cost of goods manufactured						150,500
income statement
sales						257,000
cost of goods sold
finished goods inventory, march 1					21,000
Add: cost of goods manufactured					150,000
total cost of goods available for sale					171,000
finished goods inventory,March 31					30,000
cost of goods sold						141,000
Gross profit						116,000
less:operating expense
Selling and administrative expense						79,000
Net income						37,000
inventory
materials				8,000
work in process				23,500
finished goods				30,000