The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,435 Direct labor 29,144 Factory overhead 31,972 Work in process inventory, March 1 20,808 Work in process inventory, March 31 21,116 Finished goods inventory, March 1 23,847 Finished goods inventory, March 31 25,769 a. Determine the cost of goods manufactured b. Determine the cost of goods sold
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,435 Direct labor 29,144 Factory overhead 31,972 Work in process inventory, March 1 20,808 Work in process inventory, March 31 21,116 Finished goods inventory, March 1 23,847 Finished goods inventory, March 31 25,769 a. Determine the cost of goods manufactured b. Determine the cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Zoe Corporation has the following information for the month of March:
| Cost of direct materials used in production | $15,435 |
| Direct labor | 29,144 |
| Factory |
31,972 |
| Work in process inventory, March 1 | 20,808 |
| Work in process inventory, March 31 | 21,116 |
| Finished goods inventory, March 1 | 23,847 |
| Finished goods inventory, March 31 | 25,769 |
a. Determine the cost of goods manufactured
b. Determine the cost of goods sold
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Step 1
Cost sheet is a method of allocating total cost into different categories such as direct material consumed, prime cost, cost of goods manufactured etc.
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