1. 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

   Question Content Area

   a. Prepare a schedule of cost of goods manufactured.

   Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31

   Cost of materials placed in productionDirect laborSalesWork in process inventory, March 1Work in process inventory, March 31			$- Select -
   Direct Materials:
   Materials inventory, March 1Materials inventory, March 31SalesWork in process inventory, March 1Work in process inventory, March 31	$- Select -
   Cost of goods soldDirect laborGross profitPurchasesUtilities expense	- Select -
   Cost of materials available for useDirect laborFinished goods inventoryRent expenseSales	$- Select -
   Add materials inventory, March 1Add materials inventory, March 31Less materials inventory, March 1Less materials inventory, March 31Less utilities expense	- Select -
   Cost of direct materials used		$fill in the blank dfbc40f85fb9f95_11
   Cost of goods manufacturedDirect laborGross profitWages expenseWork in process inventory, March 31		- Select -
   Factory overheadMaterials inventory, March 1Materials inventory, March 31SalesUtilities expense		- Select -
   Total manufacturing costs incurred			fill in the blank dfbc40f85fb9f95_16
   Total manufacturing costs			$fill in the blank dfbc40f85fb9f95_17
   Add Factory overheadAdd work in process inventory, March 1Add work in process inventory, March 31Less work in process inventory, March 1Less work in process inventory, March 31			- Select -
   Cost of goods manufactured			$fill in the blank dfbc40f85fb9f95_20

   Question Content Area

   b. Prepare an income statement for the month ended March 31.

   Zoe Corporation Income Statement For the Month Ended March 31

   Interest expenseRent expenseSalesSelling and administrative expensesUtilities expense		$- Select -
   Cost of goods sold:
   Finished goods inventory, March 1Interest expenseRent expenseSelling and administrative expensesUtilities expense	$- Select -
   Cost of goods manufacturedInterest expenseRent expenseSelling and administrative expensesUtilities expense	- Select -
   Cost of finished goods available for saleInterest expenseRent expenseSelling and administrative expensesUtilities expense	$- Select -
   Add finished goods inventory, March 31Add interest expenseLess finished goods inventory, March 31Less rent expenseLess utilities expense	- Select -
   Cost of goods sold		fill in the blank 73f56105ef89030_11
   Gross Profit		$fill in the blank 73f56105ef89030_12
   Operating expenses:
   Beginning finished goods inventoryCost of finished goods available for saleCost of goods manufacturedSalesSelling and administrative expenses		- Select -
   Direct laborFinished goods inventory, March 1Net incomeNet losssSales		$- Select -

   Question Content Area

   c. Prepare only the Inventory section of the balance sheet.

   Zoe Corporation Inventory Section of the Balance Sheet

   Inventories:
   Finished goods	$fill in the blank c5da87fdafd406a_1
   Work in process	fill in the blank c5da87fdafd406a_2
   Materials	fill in the blank c5da87fdafd406a_3
   Total inventories	$fill in the blank c5da87fdafd406a_4