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

$

B)

Manufacturing Income Statement, Statement of Cost of Goods Manufactured

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:

	On Company		Off Company
Materials inventory, December 1	$66,040		$89,810
Materials inventory, December 31	(a)		101,490
Materials purchased	167,740		(a)
Cost of direct materials used in production	176,990		(b)
Direct labor	248,970		202,070
Factory overhead	77,270		100,590
Total manufacturing costs incurred in December	(b)		581,070
Total manufacturing costs	630,030		797,510
Work in process inventory, December 1	126,800		216,440
Work in process inventory, December 31	106,980		(c)
Cost of goods manufactured	(c)		575,680
Finished goods inventory, December 1	111,610		100,590
Finished goods inventory, December 31	116,890		(d)
Sales	973,430		898,100
Cost of goods sold	(d)		581,070
Gross profit	(e)		(e)
Operating expenses	126,800		(f)
Net income	(f)		199,380

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Letter	On Company	Off Company
a.	$	$
b.	$	$
c.	$	$
d.	$	$
e.	$	$
f.	$	$

2. Prepare On Company's statement of cost of goods manufactured for December.

On Company
Statement of Cost of Goods Manufactured
For the Month Ended December 31
			$
Direct materials:
	$
	$
		$
Total manufacturing costs incurred during December
Total manufacturing costs			$
			$

3. Prepare On Company's income statement for December.

On Company
Income Statement
For the Month Ended December 31
		$
Cost of goods sold:
	$
	$
		$
		$