18-2 Practice Exercises

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   Cost of Goods Sold, Cost of Goods Manufactured

   Timbuk 3 Company has the following information for March:

   Cost of direct materials used in production	$21,000
   Direct labor	54,250
   Factory overhead	35,000
   Work in process inventory, March 1	87,500
   Work in process inventory, March 31	92,750
   Finished goods inventory, March 1	36,750
   Finished goods inventory, March 31	42,000

   a. For March, determine the cost of goods manufactured.

   Using the data given, prepare a statement of Cost of Goods Manufactured.

   Timbuk 3 Company
   Statement of Cost of Goods Manufactured
   		$
   	$
   Total manufacturing costs incurred during March
   Total manufacturing costs		$
   Cost of goods manufactured		$

   b. For March, determine the cost of goods sold.

   Using the data given, prepare a statement of Cost of Goods Sold.

   Timbuk 3 Company
   Statement of Cost of Goods Sold
   	$
   	$
   Cost of goods sold	$