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18-2 Practice Exercises Hide or show questions eBook Show Me How Calculator Cost of Goods Sold,...

18-2 Practice Exercises

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    Cost of Goods Sold, Cost of Goods Manufactured

    Timbuk 3 Company has the following information for March:

    Cost of direct materials used in production $21,000
    Direct labor 54,250
    Factory overhead 35,000
    Work in process inventory, March 1 87,500
    Work in process inventory, March 31 92,750
    Finished goods inventory, March 1 36,750
    Finished goods inventory, March 31 42,000

    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 $
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