Question

Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $19,525 Direct labor 25,290 Factory overhead 30,701 Work in process inventory, March 1 20,793 Work in process inventory, March 31 20,777 Finished goods inventory, March 1 24,302 Finished goods inventory, March 31 27,574

Answer 1

The cost of goods manufactured for Zoe Corporation for the given information will be $75,532; whereas, cost of goods sold will be $72,260.

What is the cost of goods manufactured?

Cost of goods manufactured is the cost that is derived in totality of the beginning work in process and direct costs incurred, less the closing works in process.

The calculation of the costs of goods manufactured will be,

Cost of Goods Manufactured= Beginning WIP + Direct Costs + Overhead Costs – Closing WIP

Cost of Goods Manufactured= 20793 + 19525 + 25290 + 30701 – 20777

Cost of Goods Manufactured= $75532

Similarly, the cost of goods sold will be calculated as,

Cost of Goods Sold = Cost of Goods Manufactured + Beginning Inventory – Closing Inventory

Cost of Goods Sold = 75,532 + 24,302 – 27,574

Cost of Goods Sold = $72,260

Hence, the cost of goods manufactured and the cost of goods sold are calculated as above. The complete question has been added as an image for better reference.

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