Zoe Corporation has the following information for the month of March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process inventory, March 1
22,000
Work in process inventory, March 31
23,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
30,000
Sales
257,000
Sales and administrative expenses
79,000
a. Prepare a statement of cost of goods manufactured.
Zoe Corporation
Statement of Cost of Goods Manufactured
For the Month Ended March 31
Line Item Description
Amount
Amount
Direct materials:
Cost of direct materials used
Total manufacturing costs incurred
Total manufacturing costs
Cost of goods manufactured
b. Prepare an income statement for the month ended March 31.
Zoe Corporation
Income Statement
For the Month Ended March 31
Line Item Description
Amount
Amount
Cost of goods sold:
Cost of goods sold
Gross profit
Operating expenses:
c. Prepare the \"Inventory\" section of the balance sheet.
Zoe Corporation
Balance Sheet
March 31
Inventories:
Amount
Finished goods
Work in process
Materials
Total inventories
