Question Content Area 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 CorporationStatement of Cost of Goods ManufacturedFor the Month Ended March 31 $Work in process inventory, March 1 Direct Materials: $Materials inventory, March 1 Purchases $Finished goods inventory Less materials inventory, March 31 Cost of direct materials used $fill in the blank 4894e1fcf050fd3_11 Direct labor Factory overhead Total manufacturing costs incurred fill in the blank 4894e1fcf050fd3_16 Total manufacturing costs $fill in the blank 4894e1fcf050fd3_17 Less work in process inventory, March 31 Cost of goods manufactured $fill in the blank 4894e1fcf050fd3_20 Question Content Area b. Prepare an income statement for the month ended March 31. Zoe CorporationIncome StatementFor the Month Ended March 31 $Sales Cost of goods sold: $- Select - - Select - $- Select - - Select - Cost of goods sold fill in the blank eb9c99f3bfbe063_11 Gross Profit $fill in the blank eb9c99f3bfbe063_12 Operating expenses: Selling and administrative expenses $Net income Question Content Area c. Prepare only the Inventory section of the balance sheet. Zoe CorporationInventory Section of the Balance Sheet Inventories: Finished goods $fill in the blank d1a7c50acf9d044_1 Work in process fill in the blank d1a7c50acf9d044_2 Materials fill in the blank d1a7c50acf9d044_3 Total inventories $fill in the blank d1a7c50acf9d044_4

Question Content Area 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 CorporationStatement of Cost of Goods ManufacturedFor the Month Ended March 31 $Work in process inventory, March 1 Direct Materials: $Materials inventory, March 1 Purchases $Finished goods inventory Less materials inventory, March 31 Cost of direct materials used $fill in the blank 4894e1fcf050fd3_11 Direct labor Factory overhead Total manufacturing costs incurred fill in the blank 4894e1fcf050fd3_16 Total manufacturing costs $fill in the blank 4894e1fcf050fd3_17 Less work in process inventory, March 31 Cost of goods manufactured $fill in the blank 4894e1fcf050fd3_20 Question Content Area b. Prepare an income statement for the month ended March 31. Zoe CorporationIncome StatementFor the Month Ended March 31 $Sales Cost of goods sold: $- Select - - Select - $- Select - - Select - Cost of goods sold fill in the blank eb9c99f3bfbe063_11 Gross Profit $fill in the blank eb9c99f3bfbe063_12 Operating expenses: Selling and administrative expenses $Net income Question Content Area c. Prepare only the Inventory section of the balance sheet. Zoe CorporationInventory Section of the Balance Sheet Inventories: Finished goods $fill in the blank d1a7c50acf9d044_1 Work in process fill in the blank d1a7c50acf9d044_2 Materials fill in the blank d1a7c50acf9d044_3 Total inventories $fill in the blank d1a7c50acf9d044_4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question Content Area

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 CorporationStatement of Cost of Goods ManufacturedFor the Month Ended March 31

			$Work in process inventory, March 1
Direct Materials:
	$Materials inventory, March 1
	Purchases
	$Finished goods inventory
	Less materials inventory, March 31
Cost of direct materials used		$fill in the blank 4894e1fcf050fd3_11
		Direct labor
		Factory overhead
Total manufacturing costs incurred			fill in the blank 4894e1fcf050fd3_16
Total manufacturing costs			$fill in the blank 4894e1fcf050fd3_17
			Less work in process inventory, March 31
Cost of goods manufactured			$fill in the blank 4894e1fcf050fd3_20

Question Content Area

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

Zoe CorporationIncome StatementFor the Month Ended March 31

		$Sales
Cost of goods sold:
	$- Select -
	- Select -
	$- Select -
	- Select -
Cost of goods sold		fill in the blank eb9c99f3bfbe063_11
Gross Profit		$fill in the blank eb9c99f3bfbe063_12
Operating expenses:
		Selling and administrative expenses
		$Net income

Question Content Area

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

Zoe CorporationInventory Section of the Balance Sheet

Inventories:
Finished goods	$fill in the blank d1a7c50acf9d044_1
Work in process	fill in the blank d1a7c50acf9d044_2
Materials	fill in the blank d1a7c50acf9d044_3
Total inventories	$fill in the blank d1a7c50acf9d044_4

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