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	35,000
Work in process inventory, March 1	24,000
Work in process inventory, March 31	26,790
Finished goods inventory, March 1	20,000
Finished goods inventory, March 31	16,000

Question Content Area

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		$ 24000
Cost of direct materials used in production	$ 34000
Direct labor	$ 48000
Factory overhead	$ 35000
Total manufacturing costs incurred during March		$ ___
Total manufacturing costs		$ ___
Less work in process inventory, March 31		$ ___
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

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	$ ___