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, March 1 | 22,000 |
Work in process, 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 schedule of cost of goods manufactured.
Zoe Corporation | |||
Statement of Cost of Goods Manufactured | |||
For Month Ended March 31 | |||
Beginning work in process inventory, March 1 | $fill in the blank 857f0a0ad075ffa_2 | ||
Direct Materials: | |||
Beginning materials inventory | $fill in the blank 857f0a0ad075ffa_4 | ||
Purchases | fill in the blank 857f0a0ad075ffa_6 | ||
Cost of materials available for use | $fill in the blank 857f0a0ad075ffa_8 | ||
Less ending materials inventory | fill in the blank 857f0a0ad075ffa_10 | ||
Cost of direct materials used | $fill in the blank 857f0a0ad075ffa_11 | ||
Direct labor | fill in the blank 857f0a0ad075ffa_13 | ||
Factory overhead | fill in the blank 857f0a0ad075ffa_15 | ||
Total manufacturing costs incurred | fill in the blank 857f0a0ad075ffa_16 | ||
Total manufacturing costs | $fill in the blank 857f0a0ad075ffa_17 | ||
Less ending work in process inventory | fill in the blank 857f0a0ad075ffa_19 | ||
Cost of goods manufactured | $fill in the blank 857f0a0ad075ffa_20 |
b. Prepare an income statement for the month ended March 31.
Zoe Corporation | ||
Income Statement | ||
For Month Ended March 31 | ||
Sales | $fill in the blank bbed6504405afc2_2 | |
Cost of goods sold: | ||
Beginning finished goods inventory | $fill in the blank bbed6504405afc2_4 | |
Plus cost of goods manufactured | fill in the blank bbed6504405afc2_6 | |
Cost of finished goods available for sale | $fill in the blank bbed6504405afc2_8 | |
Less ending finished goods inventory | fill in the blank bbed6504405afc2_10 | |
Cost of goods sold | fill in the blank bbed6504405afc2_11 | |
Gross Profit | $fill in the blank bbed6504405afc2_12 | |
Operating expenses: | ||
Sales and administrative expenses | fill in the blank bbed6504405afc2_14 | |
Net income | $fill in the blank bbed6504405afc2_16 |
c. Prepare only the inventory section of the balance sheet.
Zoe Corporation | |
Balance Sheet | |
For Month Ended March 31 | |
Inventory: | |
Materials | $fill in the blank d5c11efa4fc2fe1_1 |
Work in process | fill in the blank d5c11efa4fc2fe1_2 |
Finished goods | fill in the blank d5c11efa4fc2fe1_3 |
Total inventory | $fill in the blank d5c11efa4fc2fe1_4 |
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, March 1 | 22,000 |
Work in process, 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 schedule of cost of goods manufactured.
Zoe Corporation | |||
Statement of Cost of Goods Manufactured | |||
For Month Ended March 31 | |||
$fill in the blank 857f0a0ad075ffa_2 | |||
Direct Materials: | |||
$fill in the blank 857f0a0ad075ffa_4 | |||
fill in the blank 857f0a0ad075ffa_6 | |||
$fill in the blank 857f0a0ad075ffa_8 | |||
fill in the blank 857f0a0ad075ffa_10 | |||
Cost of direct materials used | $fill in the blank 857f0a0ad075ffa_11 | ||
fill in the blank 857f0a0ad075ffa_13 | |||
fill in the blank 857f0a0ad075ffa_15 | |||
Total manufacturing costs incurred | fill in the blank 857f0a0ad075ffa_16 | ||
Total manufacturing costs | $fill in the blank 857f0a0ad075ffa_17 | ||
fill in the blank 857f0a0ad075ffa_19 | |||
Cost of goods manufactured | $fill in the blank 857f0a0ad075ffa_20 |
b. Prepare an income statement for the month ended March 31.
Zoe Corporation | ||
Income Statement | ||
For Month Ended March 31 | ||
$fill in the blank bbed6504405afc2_2 | ||
Cost of goods sold: | ||
$fill in the blank bbed6504405afc2_4 | ||
fill in the blank bbed6504405afc2_6 | ||
$fill in the blank bbed6504405afc2_8 | ||
fill in the blank bbed6504405afc2_10 | ||
Cost of goods sold | fill in the blank bbed6504405afc2_11 | |
Gross Profit | $fill in the blank bbed6504405afc2_12 | |
Operating expenses: | ||
fill in the blank bbed6504405afc2_14 | ||
$fill in the blank bbed6504405afc2_16 |
c. Prepare only the inventory section of the balance sheet.
Zoe Corporation | |
Balance Sheet | |
For Month Ended March 31 | |
Inventory: | |
Materials | $fill in the blank d5c11efa4fc2fe1_1 |
Work in process | fill in the blank d5c11efa4fc2fe1_2 |
Finished goods | fill in the blank d5c11efa4fc2fe1_3 |
Total inventory | $fill in the blank d5c11efa4fc2fe1_4 |
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 | |||
$ | |||
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 | ||
$ | ||
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: | |
Finished goods | $ |
Work in process | |
Materials | |
Total inventories | $ |
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, March 1 | 22,000 |
Work in process, 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 schedule of cost of goods manufactured.
Zoe Corporation | |||
Statement of Cost of Goods Manufactured | |||
For Month Ended March 31 | |||
$fill in the blank 5f53d1f87fb9015_2 | |||
Direct Materials: | |||
$fill in the blank 5f53d1f87fb9015_4 | |||
fill in the blank 5f53d1f87fb9015_6 | |||
$fill in the blank 5f53d1f87fb9015_8 | |||
fill in the blank 5f53d1f87fb9015_10 | |||
Cost of direct materials used | $fill in the blank 5f53d1f87fb9015_11 | ||
fill in the blank 5f53d1f87fb9015_13 | |||
fill in the blank 5f53d1f87fb9015_15 | |||
Total manufacturing costs incurred | fill in the blank 5f53d1f87fb9015_16 | ||
Total manufacturing costs | $fill in the blank 5f53d1f87fb9015_17 | ||
fill in the blank 5f53d1f87fb9015_19 | |||
Cost of goods manufactured | $fill in the blank 5f53d1f87fb9015_20 |
b. Prepare an income statement for the month ended March 31.
Zoe Corporation | ||
Income Statement | ||
For Month Ended March 31 | ||
$fill in the blank 5aecb1012053fa2_2 | ||
Cost of goods sold: | ||
$fill in the blank 5aecb1012053fa2_4 | ||
fill in the blank 5aecb1012053fa2_6 | ||
$fill in the blank 5aecb1012053fa2_8 | ||
fill in the blank 5aecb1012053fa2_10 | ||
Cost of goods sold | fill in the blank 5aecb1012053fa2_11 | |
Gross Profit | $fill in the blank 5aecb1012053fa2_12 | |
Operating expenses: | ||
fill in the blank 5aecb1012053fa2_14 | ||
$fill in the blank 5aecb1012053fa2_16 |
c. Prepare only the inventory section of the balance sheet.
Zoe Corporation | |
Balance Sheet | |
For Month Ended March 31 | |
Inventory: | |
Materials | $fill in the blank 788931063021fe1_1 |
Work in process | fill in the blank 788931063021fe1_2 |
Finished goods | fill in the blank 788931063021fe1_3 |
Total inventory | $fill in the blank 788931063021fe1_4 |
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