Question
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 inventory, March 1 22,000 Work in process inventory, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Selling and administrative expenses 79,000 a. Prepare a schedule of cost of goods manufactured. Enter all amounts as positive numbers. Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31 $ Direct Materials: $ $ Cost of direct materials used $ Total manufacturing costs incurred Total manufacturing costs $ Cost of goods manufactured $ b. Prepare an income statement for the month ended March 31. Enter all amounts as positive numbers. Zoe Corporation Income Statement For the Month Ended March 31 $ Cost of goods sold: $ $ Cost of goods sold Gross Profit $ Operating expenses: $ c. Prepare only the Inventory section of the balance sheet. Zoe Corporation Inventory Section of the Balance Sheet Inventories: Finished goods $ Work in process Materials Total inventories $
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