**Zoe Corporation: March Production and Inventory Analysis**Zoe Corporation provides the following data for March:- **Cost of Materials Used in Production**: $17,250- **Direct Labor**: $27,158- **Factory Overhead**: $35,799**Inventories**:- **Work in Process Inventory**: - March 1: $24,583 - March 31: $21,401- **Finished Goods Inventory**: - March 1: $22,617 - March 31: $28,258**Calculations**:a. **Cost of Goods Manufactured**: [To be determined]b. **Cost of Goods Sold**: [To be determined]To determine these values, follow these steps:1. **Calculate the Cost of Goods Manufactured**: - Begin with the total manufacturing costs (materials, labor, overhead). - Adjust for changes in work in process inventory.2. **Calculate the Cost of Goods Sold**: - Start with the cost of goods manufactured. - Adjust for changes in finished goods inventory.By using this information, Zoe Corporation can assess the efficiency of their production process and the cost of inventory management.

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Zoe Corporation has the following information for the month of March. Cost of materials used in production $17,250 Direct labor 27,158 Factory overhead 35,799 Work in process inventory, March 1 24,583 Work in process inventory, March 31 21,401 Finished goods inventory, March 1 22,617 Finished goods inventory, March 31 28,258 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.

Zoe Corporation has the following information for the month of March. Cost of materials used in production $17,250 Direct labor 27,158 Factory overhead 35,799 Work in process inventory, March 1 24,583 Work in process inventory, March 31 21,401 Finished goods inventory, March 1 22,617 Finished goods inventory, March 31 28,258 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.

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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