Question
Timbuk 3 Company has the following information for March: Cost of direct materials used in production $63,000 Direct labor 76,000 Factory overhead 22,000 Work in
Timbuk 3 Company has the following information for March:
| Cost of direct materials used in production | $63,000 |
| Direct labor | 76,000 |
| Factory overhead | 22,000 |
| Work in process inventory, March 1 | 53,000 |
| Work in process inventory, March 31 | 40,660 |
| Finished goods inventory, March 1 | 31,000 |
| Finished goods inventory, March 31 | 19,000 |
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 | ||
| $ | ||
| $ | ||
| Total manufacturing costs incurred during March | ||
| Total manufacturing costs | $ | |
| Cost of goods manufactured | $ | |
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 | |
| $ | |
| $ | |
| Cost of goods sold | $ |
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
