a. Prepare a statement of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31 $fill in the blank 178f7ef66fe6fcc_2 Direct materials: $fill in the blank 178f7ef66fe6fcc_4 fill in the blank 178f7ef66fe6fcc_6 $fill in the blank 178f7ef66fe6fcc_8 fill in the blank 178f7ef66fe6fcc_10 Cost of direct materials used $fill in the blank 178f7ef66fe6fcc_11 fill in the blank 178f7ef66fe6fcc_13 fill in the blank 178f7ef66fe6fcc_15 Total manufacturing costs incurred fill in the blank 178f7ef66fe6fcc_16 Total manufacturing costs $fill in the blank 178f7ef66fe6fcc_17 fill in the blank 178f7ef66fe6fcc_19 Cost of goods manufactured $fill in the blank 178f7ef66fe6fcc_20 b. Prepare an income statement for the month ended March 31. Zoe Corporation Income Statement For the Month Ended March 31 $fill in the blank 27e2f608201606e_2 Cost of goods sold: $fill in the blank 27e2f608201606e_4 fill in the blank 27e2f608201606e_6 $fill in the blank 27e2f608201606e_8 fill in the blank 27e2f608201606e_10 Cost of goods sold fill in the blank 27e2f608201606e_11 Gross profit $fill in the blank 27e2f608201606e_12 Operating expenses: fill in the blank 27e2f608201606e_14 $fill in the blank 27e2f608201606e_16 c. Prepare the "inventory" section of the balance sheet. Zoe Corporation Balance Sheet March 31 Inventories: Finished goods $fill in the blank 443c8cfa5f8d060_1 Work in process fill in the blank 443c8cfa5f8d060_2 Materials fill in the blank 443c8cfa5f8d060_3 Total inventories $fill in the blank 443c8cfa5f8d060_4
a. Prepare a statement of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31 $fill in the blank 178f7ef66fe6fcc_2 Direct materials: $fill in the blank 178f7ef66fe6fcc_4 fill in the blank 178f7ef66fe6fcc_6 $fill in the blank 178f7ef66fe6fcc_8 fill in the blank 178f7ef66fe6fcc_10 Cost of direct materials used $fill in the blank 178f7ef66fe6fcc_11 fill in the blank 178f7ef66fe6fcc_13 fill in the blank 178f7ef66fe6fcc_15 Total manufacturing costs incurred fill in the blank 178f7ef66fe6fcc_16 Total manufacturing costs $fill in the blank 178f7ef66fe6fcc_17 fill in the blank 178f7ef66fe6fcc_19 Cost of goods manufactured $fill in the blank 178f7ef66fe6fcc_20 b. Prepare an income statement for the month ended March 31. Zoe Corporation Income Statement For the Month Ended March 31 $fill in the blank 27e2f608201606e_2 Cost of goods sold: $fill in the blank 27e2f608201606e_4 fill in the blank 27e2f608201606e_6 $fill in the blank 27e2f608201606e_8 fill in the blank 27e2f608201606e_10 Cost of goods sold fill in the blank 27e2f608201606e_11 Gross profit $fill in the blank 27e2f608201606e_12 Operating expenses: fill in the blank 27e2f608201606e_14 $fill in the blank 27e2f608201606e_16 c. Prepare the "inventory" section of the balance sheet. Zoe Corporation Balance Sheet March 31 Inventories: Finished goods $fill in the blank 443c8cfa5f8d060_1 Work in process fill in the blank 443c8cfa5f8d060_2 Materials fill in the blank 443c8cfa5f8d060_3 Total inventories $fill in the blank 443c8cfa5f8d060_4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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 Sales and administrative expenses 79,000 a. Prepare a statement of cost of goods manufactured.
Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31 $fill in the blank 178f7ef66fe6fcc_2 Direct materials: $fill in the blank 178f7ef66fe6fcc_4 fill in the blank 178f7ef66fe6fcc_6 $fill in the blank 178f7ef66fe6fcc_8 fill in the blank 178f7ef66fe6fcc_10 Cost of direct materials used $fill in the blank 178f7ef66fe6fcc_11 fill in the blank 178f7ef66fe6fcc_13 fill in the blank 178f7ef66fe6fcc_15 Total manufacturing costs incurredfill in the blank 178f7ef66fe6fcc_16 Total manufacturing costs $fill in the blank 178f7ef66fe6fcc_17 fill in the blank 178f7ef66fe6fcc_19 Cost of goods manufactured $fill in the blank 178f7ef66fe6fcc_20 b. Prepare an income statement for the month ended March 31.
Zoe Corporation Income Statement For the Month Ended March 31 $fill in the blank 27e2f608201606e_2 Cost of goods sold: $fill in the blank 27e2f608201606e_4 fill in the blank 27e2f608201606e_6 $fill in the blank 27e2f608201606e_8 fill in the blank 27e2f608201606e_10 Cost of goods sold fill in the blank 27e2f608201606e_11 Gross profit $fill in the blank 27e2f608201606e_12 Operating expenses: fill in the blank 27e2f608201606e_14 $fill in the blank 27e2f608201606e_16 c. Prepare the "inventory" section of the
balance sheet .Zoe Corporation Balance Sheet March 31 Inventories: Finished goods $fill in the blank 443c8cfa5f8d060_1 Work in process fill in the blank 443c8cfa5f8d060_2 Materials fill in the blank 443c8cfa5f8d060_3 Total inventories $fill in the blank 443c8cfa5f8d060_4
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