Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $237,250 $204,040 Work in process 161,330 138,750 Finished goods 123,370 138,750 Direct labor $427,050 Materials purchased during March 455,520 Factory overhead incurred during March: Indirect labor 45,550 Machinery depreciation 27,520 Heat, light, and power 9,490 Supplies Property taxes 7,590 6,640 Miscellaneous costs 12,340 a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Costs Type Work in process inventory, March 1 Direct materials: Materials inventory, March 1 Purchases Cost of materials available for use Materials inventory, March 31 Cost of direct materials used in production Direct labor Factory overhead: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Total factory overhead Total manufacturing costs incurred during March Amount Amount Amount 161,330 237,250 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Work in process inventory, March 31 Cost of goods manufactured Check My Work a. Add the beginning materials and purchases and subtract the ending materials inventory. Add direct labor and factory overhead. This will give total ma costs to the beginning work in process inventory and subtract the ending work in process inventory. Feedback b. Determine the cost of goods sold for March. A