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How much were the company's cost of goods sold for March? Beginning balances on March 1st are below: Raw materials: $2,000 Work in process: $1,000

How much were the company's cost of goods sold for March?

Beginning balances on March 1st are below:

Raw materials: $2,000

Work in process: $1,000

Finished goods: $2,000

Ending balances for March 31 were:

Raw materials: $5,000

Work in process: $0

Finished goods of $3,000

In March, the following happened:

  • Purchased $18,000 of raw materials and used $12,000 of direct raw materials in production and $3,000 of indirect materials in production
  • Incurred $10,000 of direct labor
  • Incurred $4,000 of rent on its administrative building
  • Manufacturing overhead applied was $15,000 for the month.

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