Question

Cost of Goods Sold, Cost of Goods Manufactured. PLEASE EXPLAIN AND BOLD ANSWERS Timbuk 3 Company...

Cost of Goods Sold, Cost of Goods Manufactured. PLEASE EXPLAIN AND BOLD ANSWERS

Timbuk 3 Company has the following information for March:

Cost of direct materials used in production $44,000
Direct labor 54,000
Factory overhead 28,000
Work in process inventory, March 1 32,000
Work in process inventory, March 31 31,600
Finished goods inventory, March 1 23,000
Finished goods inventory, March 31 15,000

a. For March, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured.

Timbuk 3 Company
Statement of Cost of Goods Manufactured
$
$
Total manufacturing costs incurred during March
Total manufacturing costs $
Cost of goods manufactured $

b. For March, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold.

Timbuk 3 Company
Statement of Cost of Goods Sold
$
$
Cost of goods sold $

Homework Answers

Answer #1

a.statement of cost of goods manufactured.

amount amount
work in process inventory March 1 32,000
direct materials 44,000
direct labour 54,000
factory overhead 28,000
total manufacturing cost incurred during march (44,000+54,000+28,000) 126,000
total manufacturing cost(126,000 +32,000) 158,000
less:work in process inventory march 31 (31,600)
cost of goods manufactured 126,400

b.cost of goods sold.

finished goods inventory march 1 23,000
add: cost of goods manufactured 126,400
cost of goods available for sale 149,400
less: cost of goods manufactured (15,000)
cost of goods sold 134,400
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