Cost of direct materials used in production $21,000 Direct labor 54,250 Factory overhead 35,000 Work in process inventory, March 1 87,500 Work in process inventory, March 31 92,750 Finished goods inventory, March 1 36,750 Finished goods inventory, March 31 42,000

Cost of direct materials used in production $21,000 Direct labor 54,250 Factory overhead 35,000 Work in process inventory, March 1 87,500 Work in process inventory, March 31 92,750 Finished goods inventory, March 1 36,750 Finished goods inventory, March 31 42,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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Question

Cost of goods sold, cost of goods manufactured.

Timbuk 3 company has the following information for March:

For March,determine (a) The cost of goods manufactured and

(b) the cost of goods sold.

Cost of direct materials used in production $21,000
Direct labor
54,250
Factory overhead
35,000
Work in process inventory, March 1
87,500
Work in process inventory, March 31
92,750
Finished goods inventory, March 1
36,750
Finished goods inventory, March 31
42,000

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