Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the followin
ID: 2543975 • Letter: C
Question
Cost of Goods Sold, Cost of Goods Manufactured
Timbuk 3 Company has the following information for March:
a. For March, determine the cost of goods manufactured.
Using the data given, prepare a statement of 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.
$
Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
2. Prepare On Company's statement of cost of goods manufactured for December.
3. Prepare On Company's income statement for December.
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 42,000Explanation / Answer
a) Schedule of cost of goods manufactured :
Prepare schedule of cost of goods sold :
Beginning work in process 87500 Direct material used 21000 Direct labour 54250 Manufacturing overhead 35000 Total manufacturing cost Incurred during march 110250 Total manufacturing cost 197750 Less: Ending work in process (92750) Cost of goods manufactured 105000