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Zoe Corporation has the following information for the month of March:

Cost of direct materials used in production $15,353
Direct labor 28,038
Factory overhead 32,314
Work in process inventory, March 1 18,402
Work in process inventory, March 31 20,161
Finished goods inventory, March 1 24,609
Finished goods inventory, March 31 25,991
a. Determine the cost of goods manufactured.
$fill in the blank 1
b. Determine the cost of goods sold.
$fill in the blank 2

Answer 1

The cost of goods manufactured for Zoe Corporation for the month of March is $73,946

The cost of goods sold for Zoe Corporation for the month of March is

$72,564

What is the cost of goods manufactured?

The cost of goods manufactured is the total cost of finished products completed in the current period, it is the beginning work in process inventory plus the cost of direct materials used in production, the cost of direct labor, factory overhead minus the cost of ending work in process

cost of goods manufactured=$18,402+$15,353+$28,038+$32,314-$20,161

cost of goods manufactured=$73,946

What is cost of goods sold?

The cost of goods sold is the manufacturing costs of goods sold in the current period, it is the beginning finished goods inventory plus the cost of goods manufactured less the ending finished goods inventory

cost of goods sold=$24,609+$73,946-$25,991

cost of goods sold=$ 72,564

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