Chapter 18 Managerial Accounting

Problem 1. The Target Company has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet. $187,500 26,300 32,500 Purchases Materials inventory, March 1 Materials inventory, March 31 Direct labor Factory overhead Work in process, March 1S Work in process, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 Sales Sales and administrative expenses 3 T 2 51,000 73,000 3,600 37,900 5,400 41,200 567,000 191,000 1