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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