Cost of goods sold, cost of goods manufactured
Timbuk 3 Company has the following information for March:
Cost of direct materials used in production
21000
Direct labor
54250
Factory overhead
35000
Work in process inventory, March 1
87500
Work in process inventory, March 31
92750
Finished goods inventory, March 1
36750
Finished goods inventory, March 31
42000
a. For March, determine the cost of goods manufactured.
Using the dada 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.
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