Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production $34,000 Direct labor 48,000 Factory overhead 34,000 Work in process inventory, March 1 22,000 Work in process inventory, March 31 33,120 Finished goods inventory, March 1 30,000 Finished goods inventory, March 31 21,000 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 Timbuk 3 Company Statement of Cost of Goods Sold 69 Cost of goods sold