Cost of goods sold

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.