Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: $21,000 54,250 35,000 Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 87,500 92,750 36,750 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 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 Feedback Check My Work a. Add direct materials, direct labor, and overhead to the beginning work in process. Subtract the e 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 Feedback Check My Work b. Add the cost of goods manufactured to the beginning finished goods inventory. Subtract Feedback Check My Work