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Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 $237,600 Materials Work in process Finished goods $218,470 577,460 493,190 663,250 696,820 $3,960,000 3,016,610 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 362,050 237,600 198,000 39,480 33,940 51,710 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input yo answers in the questions below. est dollar Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Work in process inventory, March 1 v $ Direct materials: Materials inventory, March 1 237,600 Purchases Cost of materials available for use v X Materials inventory, March 31 Cost of direct materials used in production V $ 3,035,740 Direct labor 3,960,000 Factory overhead: Indirect labor $ 362,050 237,600 Machinery depreciation Heat, light, and power Supplies 198,000 39,480 Property taxes 33,940 Miscellaneous costs 51,710 922,780 Total factory overhead 7,918,520 Total manufacturing costs incurred during March $ 7,834,250 b. Determine the cost of goods sold for March. Round your answer to the nearest dollar. S Feedback Check My Work a. Add the beginning materials and purchases and subtract the ending materials. Add direct labor and factory overhead. This will give total manufacturing costs. Then, add the total manufacturing costs to the beginning work in process and subtract the ending work in process. b. Add the cost of goods manufactured from (a) to the beginning finished goods. Subtract the ending finished goods. 434 PM