Cost of Goods Sold, Cost of Goods Manufactured

Timbuk 3 Company has the following information for March:

Cost of direct materials used in production	$58,000
Direct labor	64,000
Factory overhead	36,000
Work in process inventory, March 1	45,000
Work in process inventory, March 31	50,750
Finished goods inventory, March 1	26,000
Finished goods inventory, March 31	17,000

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
Work in process inventory, March 1		$
Cost of direct materials used in production	$
Direct labor
Factory overhead
Total manufacturing costs incurred during March
Total manufacturing costs		$
Less work in process inventory, March 31
Cost of goods manufactured		$

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a. Add direct materials, direct labor, and overhead to the beginning work in process. Subtract the ending work in process.

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
Finished goods inventory, March 1	$
Cost of goods manufactured
Cost of finished goods available for sale	$
Less finished goods inventory, March 31
Cost of goods sold	$