Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production $63,000 Direct labor 76,000 Factory overhead 21,000 Work in process inventory, March 1 56,000 Work in process inventory, March 31 49,680 Finished goods inventory, March 1 22,000 Finished goods inventory, March 31 16,000 a. For March, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3 Company Statement of Cost of Goods Manufactured Work in process inventory, March 1 $fill in the blank e11e4706704bfd4_2 Cost of direct materials used in production $fill in the blank e11e4706704bfd4_4 Direct labor fill in the blank e11e4706704bfd4_6 Factory overhead fill in the blank e11e4706704bfd4_8 Total manufacturing costs incurred during March fill in the blank e11e4706704bfd4_9 Total manufacturing costs $fill in the blank e11e4706704bfd4_10 Less direct labor fill in the blank e11e4706704bfd4_12 Cost of goods manufactured $fill in the blank e11e4706704bfd4_13 b. For March, determine the cost of goods sold. Using the data given, prepare a statement of Cost of Goods Sold. Timbuk 3 Company Statement of Cost of Goods Sold $fill in the blank 6b55a5010fbef96_2 fill in the blank 6b55a5010fbef96_4 $fill in the blank 6b55a5010fbef96_6 fill in the blank 6b55a5010fbef96_8 Cost of goods sold $fill in the blank 6b55a5010fbef96_9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Cost of Goods Sold, Cost of Goods Manufactured

Timbuk 3 Company has the following information for March:

Cost of direct materials used in production	$63,000
Direct labor	76,000
Factory overhead	21,000
Work in process inventory, March 1	56,000
Work in process inventory, March 31	49,680
Finished goods inventory, March 1	22,000
Finished goods inventory, March 31	16,000

a. For March, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured.

Timbuk 3 Company
Statement of Cost of Goods Manufactured

Work in process inventory, March 1		$fill in the blank e11e4706704bfd4_2
Cost of direct materials used in production	$fill in the blank e11e4706704bfd4_4
Direct labor	fill in the blank e11e4706704bfd4_6
Factory overhead	fill in the blank e11e4706704bfd4_8
Total manufacturing costs incurred during March		fill in the blank e11e4706704bfd4_9
Total manufacturing costs		$fill in the blank e11e4706704bfd4_10
Less direct labor		fill in the blank e11e4706704bfd4_12
Cost of goods manufactured		$fill in the blank e11e4706704bfd4_13

b. For March, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold.

Timbuk 3 Company
Statement of Cost of Goods Sold

	$fill in the blank 6b55a5010fbef96_2
	fill in the blank 6b55a5010fbef96_4
	$fill in the blank 6b55a5010fbef96_6
	fill in the blank 6b55a5010fbef96_8
Cost of goods sold	$fill in the blank 6b55a5010fbef96_9

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