The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,831 Direct labor 26,518 Factory overhead 33,336 Work in process inventory, March 1 17,041 Work in process inventory, March 31 21,395 Finished goods inventory, March 1 23,144 Finished goods inventory, March 31 26,703 a. Determine the cost of goods manufactured. $fill in the blank 1 b. Determine the cost of goods sold. $fill in the blank 2
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,831 Direct labor 26,518 Factory overhead 33,336 Work in process inventory, March 1 17,041 Work in process inventory, March 31 21,395 Finished goods inventory, March 1 23,144 Finished goods inventory, March 31 26,703 a. Determine the cost of goods manufactured. $fill in the blank 1 b. Determine the cost of goods sold. $fill in the blank 2
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 | $17,831 |
Direct labor | 26,518 |
Factory |
33,336 |
Work in process inventory, March 1 | 17,041 |
Work in process inventory, March 31 | 21,395 |
Finished goods inventory, March 1 | 23,144 |
Finished goods inventory, March 31 | 26,703 |
a. Determine the cost of goods manufactured.
$fill in the blank 1
b. Determine the cost of goods sold.
$fill in the blank 2
Expert Solution
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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