Question

Zoe Corporation has the following information for the month of March: Cost of direct materials used...

Zoe Corporation has the following information for the month of March:

 Cost of direct materials used in production \$16,041 Direct labor 28,314 Factory overhead 39,747 Work in process inventory, March 1 17,360 Work in process inventory, March 31 18,851 Finished goods inventory, March 1 23,602 Finished goods inventory, March 31 27,787

a. Determine the cost of goods manufactured.
\$

b. Determine the cost of goods sold.
\$

a. The cost of goods manufactured = Work in process inventory, March 1 + Cost of direct materials used in production+ Direct labor+ Factory overhead - Work in process inventory, March 31

=17,360+16,041 + 28,314+39,747-18,851

= \$ 82,611

Hence the correct answer is \$ 82,611

b. The cost of goods sold = Cost of Goods Manufactured + Finished goods inventory, March 1 - Finished goods inventory, March 31

= \$ 82,611 + 23,602 - 27,787

= \$ 78,426

Hence the correct answer is \$ 78,426