Timbuk 3 Company has the following information for March: Cost of direct materials used in production $63,000 Direct labor 76,000 Factory overhead 21,000 Work in process inventory, March 1 56,000 Work in process inventory, March 31 49,680 Finished goods inventory, March 1 22,000 Finished goods inventory, March 31 16,000 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Timbuk 3 Company has the following information for March:

Cost of direct materials used in production $63,000
Direct labor 76,000
Factory overhead 21,000
Work in process inventory, March 1 56,000
Work in process inventory, March 31 49,680
Finished goods inventory, March 1 22,000
Finished goods inventory, March 31 16,000

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
 
    $fill in the blank e11e4706704bfd4_2
  $fill in the blank e11e4706704bfd4_4  
  fill in the blank e11e4706704bfd4_6  
  fill in the blank e11e4706704bfd4_8  
Total manufacturing costs incurred during March   fill in the blank e11e4706704bfd4_9
Total manufacturing costs   $fill in the blank e11e4706704bfd4_10
    fill in the blank e11e4706704bfd4_12
Cost of goods manufactured   $fill in the blank e11e4706704bfd4_13
     

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
 
  $fill in the blank 6b55a5010fbef96_2
  fill in the blank 6b55a5010fbef96_4
  $fill in the blank 6b55a5010fbef96_6
  fill in the blank 6b55a5010fbef96_8
Cost of goods sold $fill in the blank 6b55a5010fbef96_9
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