eBook Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production$36,000 Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 45,000 37,000 27,000 36,250 24,000 17,000 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 Direct labor x 45,000) x Cost of direct materials used in production36.000 Finished goods inventory, March 1 x Factory overhead Total manufacturing costs incurred during March Total manufacturing costs Less finished goods inventory, March 31 x 81.000 x 37.000 118,00o 27.000 x 36,520X Cost of goods manufactured 108.750 a. Add direct materials, direct labor, and factory overhead to the beginning work in process. Subt b. For March, determine the cost of goods sold. the data oiven, prepare a statement of Cost of Goods Sold MY Work 2 more Check My Work uses remaining Less finished goods inventory, March 31 x 36,520x 108.750 Cost of goods manufactured Feedback Check My Work a. Add direct materials, direct labor, and factory overhead to the beginning w 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 Factory overhead X Cost of goods manufactured Finished goods inventory, March 31 X Less finished goods inventory, March 31 Y Cost of goods sold 108.7501 x 108,750 24,000 X 117.000 115.750 7 Check My Work b. Add the cost of goods manufactured to the beginning finished goods inventory. Feedoack Check My Work 2 more Check My Work uses remaining