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, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 a. Prepare a schedule of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods Manufactured For Month Ended March 31 Beginning work in process inventory, March 1 $fill in the blank 857f0a0ad075ffa_2 Direct Materials: Beginning materials inventory $fill in the blank 857f0a0ad075ffa_4 Purchases fill in the blank 857f0a0ad075ffa_6 Cost of materials available for use $fill in the blank 857f0a0ad075ffa_8 Less ending materials inventory fill in the blank 857f0a0ad075ffa_10 Cost of direct materials used $fill in the blank 857f0a0ad075ffa_11 Direct labor fill in the blank 857f0a0ad075ffa_13 Factory overhead fill in the blank 857f0a0ad075ffa_15 Total manufacturing costs incurred fill in the blank 857f0a0ad075ffa_16 Total manufacturing costs $fill in the blank 857f0a0ad075ffa_17 Less ending work in process inventory fill in the blank 857f0a0ad075ffa_19 Cost of goods manufactured $fill in the blank 857f0a0ad075ffa_20 b. Prepare an income statement for the month ended March 31. Zoe Corporation Income Statement For Month Ended March 31 Sales $fill in the blank bbed6504405afc2_2 Cost of goods sold: Beginning finished goods inventory $fill in the blank bbed6504405afc2_4 Plus cost of goods manufactured fill in the blank bbed6504405afc2_6 Cost of finished goods available for sale $fill in the blank bbed6504405afc2_8 Less ending finished goods inventory fill in the blank bbed6504405afc2_10 Cost of goods sold fill in the blank bbed6504405afc2_11 Gross Profit $fill in the blank bbed6504405afc2_12 Operating expenses: Sales and administrative expenses fill in the blank bbed6504405afc2_14 Net income $fill in the blank bbed6504405afc2_16 c. Prepare only the inventory section of the balance sheet.

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, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 a. Prepare a schedule of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods Manufactured For Month Ended March 31 Beginning work in process inventory, March 1 $fill in the blank 857f0a0ad075ffa_2 Direct Materials: Beginning materials inventory $fill in the blank 857f0a0ad075ffa_4 Purchases fill in the blank 857f0a0ad075ffa_6 Cost of materials available for use $fill in the blank 857f0a0ad075ffa_8 Less ending materials inventory fill in the blank 857f0a0ad075ffa_10 Cost of direct materials used $fill in the blank 857f0a0ad075ffa_11 Direct labor fill in the blank 857f0a0ad075ffa_13 Factory overhead fill in the blank 857f0a0ad075ffa_15 Total manufacturing costs incurred fill in the blank 857f0a0ad075ffa_16 Total manufacturing costs $fill in the blank 857f0a0ad075ffa_17 Less ending work in process inventory fill in the blank 857f0a0ad075ffa_19 Cost of goods manufactured $fill in the blank 857f0a0ad075ffa_20 b. Prepare an income statement for the month ended March 31. Zoe Corporation Income Statement For Month Ended March 31 Sales $fill in the blank bbed6504405afc2_2 Cost of goods sold: Beginning finished goods inventory $fill in the blank bbed6504405afc2_4 Plus cost of goods manufactured fill in the blank bbed6504405afc2_6 Cost of finished goods available for sale $fill in the blank bbed6504405afc2_8 Less ending finished goods inventory fill in the blank bbed6504405afc2_10 Cost of goods sold fill in the blank bbed6504405afc2_11 Gross Profit $fill in the blank bbed6504405afc2_12 Operating expenses: Sales and administrative expenses fill in the blank bbed6504405afc2_14 Net income $fill in the blank bbed6504405afc2_16 c. Prepare only the inventory section of the balance sheet.

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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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, March 1	22,000
Work in process, March 31	23,500
Finished goods inventory, March 1	21,000
Finished goods inventory, March 31	30,000
Sales	257,000
Sales and administrative expenses	79,000

a. Prepare a schedule of cost of goods manufactured.

Zoe Corporation
Statement of Cost of Goods Manufactured
For Month Ended March 31
Beginning work in process inventory, March 1			$fill in the blank 857f0a0ad075ffa_2
Direct Materials:
Beginning materials inventory	$fill in the blank 857f0a0ad075ffa_4
Purchases	fill in the blank 857f0a0ad075ffa_6
Cost of materials available for use	$fill in the blank 857f0a0ad075ffa_8
Less ending materials inventory	fill in the blank 857f0a0ad075ffa_10
Cost of direct materials used		$fill in the blank 857f0a0ad075ffa_11
Direct labor		fill in the blank 857f0a0ad075ffa_13
Factory overhead		fill in the blank 857f0a0ad075ffa_15
Total manufacturing costs incurred			fill in the blank 857f0a0ad075ffa_16
Total manufacturing costs			$fill in the blank 857f0a0ad075ffa_17
Less ending work in process inventory			fill in the blank 857f0a0ad075ffa_19
Cost of goods manufactured			$fill in the blank 857f0a0ad075ffa_20

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

Zoe Corporation
Income Statement
For Month Ended March 31
Sales		$fill in the blank bbed6504405afc2_2
Cost of goods sold:
Beginning finished goods inventory	$fill in the blank bbed6504405afc2_4
Plus cost of goods manufactured	fill in the blank bbed6504405afc2_6
Cost of finished goods available for sale	$fill in the blank bbed6504405afc2_8
Less ending finished goods inventory	fill in the blank bbed6504405afc2_10
Cost of goods sold		fill in the blank bbed6504405afc2_11
Gross Profit		$fill in the blank bbed6504405afc2_12
Operating expenses:
Sales and administrative expenses		fill in the blank bbed6504405afc2_14
Net income		$fill in the blank bbed6504405afc2_16

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

Zoe Corporation
Balance Sheet
For Month Ended March 31
Inventory:
Materials	$fill in the blank d5c11efa4fc2fe1_1
Work in process	fill in the blank d5c11efa4fc2fe1_2
Finished goods	fill in the blank d5c11efa4fc2fe1_3
Total inventory	$fill in the blank d5c11efa4fc2fe1_4

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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