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 $- Select - Direct Materials: $- Select - - Select - $- Select - - Select - Cost of direct materials used $fill in the blank 4894e1fcf050fd3_11 - Select - - Select - Total manufacturing costs incurred fill in the blank 4894e1fcf050fd3_16 Total manufacturing costs $fill in the blank 4894e1fcf050fd3_17 - Select - 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 $- Select - 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: - Select - $- Select - 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
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 $- Select - Direct Materials: $- Select - - Select - $- Select - - Select - Cost of direct materials used $fill in the blank 4894e1fcf050fd3_11 - Select - - Select - Total manufacturing costs incurred fill in the blank 4894e1fcf050fd3_16 Total manufacturing costs $fill in the blank 4894e1fcf050fd3_17 - Select - 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 $- Select - 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: - Select - $- Select - 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Selling and administrative expenses 79,000 Question Content Area
Zoe CorporationStatement of Cost of Goods ManufacturedFor the Month Ended March 31a. Prepare a schedule of cost of goods manufactured.
$- Select - Direct Materials: $- Select - - Select - $- Select - - Select - Cost of direct materials used $fill in the blank 4894e1fcf050fd3_11 - Select - - Select - Total manufacturing costs incurredfill in the blank 4894e1fcf050fd3_16 Total manufacturing costs $fill in the blank 4894e1fcf050fd3_17 - Select - Cost of goods manufactured $fill in the blank 4894e1fcf050fd3_20 Question Content Area
Zoe CorporationIncome StatementFor the Month Ended March 31b. Prepare an income statement for the month ended March 31.
$- Select - 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: - Select - $- Select - Question Content Area
Zoe CorporationInventory Section of the Balance Sheetc. Prepare only the Inventory 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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