Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help question b. Timbuk 3 Company has the following information for March: Cost of direct materials used in production $47,000 Direct labor 57,000 Factory

Please help question b.

image text in transcribedimage text in transcribed
Timbuk 3 Company has the following information for March: Cost of direct materials used in production $47,000 Direct labor 57,000 Factory overhead 38,000 Work in process inventory, March 1 39,000 Work in process inventory, March 31 36,200 Finished goods inventory, March 1 24,000 Finished goods inventory, March 31 15,000 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 Cost of direct materials used in production i v! Direct labor i J Factory overhead 1 J Total manufacturing costs incurred during March 142,000 J Total manufacturing costs '. 181,000 1.] Less work in process inventory, March 31 1 1.] Cost of goods manufactured 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 Finished goods inventory, March 1 v 24,000 Cost of goods manufactured 144,800 Cost of finished goods available for sale v 168,800 Less finished goods inventory, March 31 v -21,200 X Cost of goods sold 147,600 X Feedback Check My Work b. Add the cost of goods manufactured to the beginning finished goods inventory. Subtract the ending finished goods inventory. Feedback Check My Work Partially correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

More Books

Students also viewed these Accounting questions