16

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
			$
Direct Materials:
	$
	$
Cost of direct materials used		$
Total manufacturing costs incurred
Total manufacturing costs			$
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
		$
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	$