The Cake Factory has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet.
Purchases $85000 Materials inventory, March 1 $6000 Materials inventory, March 31 $7000 Direct Labor $25000 Factory Overhead #34000 Work in Process, March 1 $17000 Work in Process, March 31 $18500 Finished goods inventory, March 1 $21000 Finished goods inventory, March 31 $23000 Sales $235000 Sales and Administrative expenses $78000