Cost of Goods Sold, Cost of Goods Manufactured

Timbuk 3 Company has the following information for March:

Cost of direct materials used in production	$58,000
Direct labor	67,000
Factory overhead	24,000
Work in process inventory, March 1	42,000
Work in process inventory, March 31	43,930
Finished goods inventory, March 1	30,000
Finished goods inventory, March 31	20,000

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	$