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Cost of Goods Sold In March, Chilton Company purchased materials costing $25,000 and incurred direct labor cost of $10,000. Overhead totaled $42,000 for the month.
Cost of Goods Sold
In March, Chilton Company purchased materials costing $25,000 and incurred direct labor cost of $10,000. Overhead totaled $42,000 for the month. Information on inventories was as follows:
| March 1 | March 31 | ||
| Materials | $14,000 | $6,500 | |
| Work in process | 8,000 | 4,000 | |
| Finished goods | 9,000 | 7,000 |
Required:
What was the cost of goods sold for March?
ANSWER IS NOT $38,500
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