How to prepare a statement of cost of goods manufactured

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Reference no: EM132555455

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

Question a. For March, determine the cost of goods manufactured. Using the dada given, prepare a statement of cost of goods manufactured.

Question b. For March, determine the cost of goods sold. Using the data given, prepare a statement of cost of goods sold.

Reference no: EM132555455

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