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 87,500 Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 92,750 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