Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production Direct labor $65,000 71,000 21,000 Factory overhead 49,000 51,500 Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 23,000 15,000 a. For March, determine the cost of goods manufactured. Using the data given, prepare a statement of 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