Zoe Corporation has the following information for the month of March: cost of direct materials used in product $15,401,direct labor $24,583, factory overhead $35,335, work in process inventory March 1 $20,021, work in process inventory, March 31 $20,681, finished good inventory, March 1 #24,889, Finished goods, March 31, $27,311, A, determine the cost of goods manufactured, B. determine the cost of goods sold.

Answers:

Calculation of cost of goods manufactured:

Particulars                                                      Amount(in $)

Cost of direct material                                    $15,401

Add: Direct labour                                           $24,583

Add: Factory overhead                                   $35,335

Add: Work In process inventory, March 1      $20,021

Less: Work in process inventory, March 31   $20,681

Cost of goods manufactured                        $74,659

Calculation of Cost of goods sold:

Particulars                                                      Amount(in $)

Cost of goods manufactured                        $74,659

Add: Finished goods inventory, March 1      $24,889

Less: Finished goods inventory, March 31   $27,311  

Cost of goods sold                                        $72,237

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