Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $218,500 $185,730 Work in process 150,770 128,150 Finished goods 111,440 124,440 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs $393,300 419,520 41,950 25,350 8,740 6,990 6,120 11,360 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Work in process inventory, March 1 Direct materials: Materials inventory, March 1 Purchases Cost of materials available for use Miscellaneous costs Less work in process inventory, March 31 Direct labor Factory overhead: Indirect labor Machinery depreciation Heat, light, and power Purchases Property taxes Miscellaneous costs Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Work in process inventory, March 31 Cost of goods manufactured b. Determine the cost of goods sold for March.