Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor
Zoe Corporation has the following information for the month of March:
Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 a. Prepare a schedule of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods Manufactured For Month Ended March 31 Direct Materials: $ $ Cost of direct materials used Total manufacturing costs incurred Total manufacturing costs 1000 Cost of goods manufactured b. Prepare an income statement for the month ended March 31. Zoe Corporation Income Statement For Month Ended March 31 Cost of goods sold: Cost of goods sold Gross Profit Operating expenses: i c. Prepare only the inventory section of the balance sheet. Zoe Corporation Balance Sheet For Month Ended March 31 Inventory: Materials $ Work in process Finished goods Total inventory $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started