Question

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Zoe Corporation has the following information for the month ofMarch:

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, March1	22,000
Work in process inventory, March31	23,500
Finished goods inventory, March1	21,000
Finished goods inventory, March31	30,000
Sales	257,000
Selling and administrativeexpenses	79,000

Required:

Prepare (a) a schedule of costof goods manufactured, (b) an income statement for the month endedMarch 31, and (c) the Inventory section of the balance sheet. Referto the Labels and Amount Descriptions provided for the exactwording of the answer choices for text entries. Be sure to completethe statement heading. “Less” or “Plus” will automatically appearif it is required. You will not need to enter colons (:) on thefinancial statements. Enter all amounts as positivenumbers.

Labels and Amount Descriptions

Labels
Direct materials
For the Month Ended March 31
Inventories
March 31
Operating expenses
Amount Descriptions
Beginning finished goodsinventory
Beginning materials inventory
Beginning work in processinventory, March 1
Cost of finished goods availablefor sale
Cost of goods manufactured
Cost of goods sold
Cost of materials available foruse
Cost of materials used
Direct labor
Ending finished goodsinventory
Ending materials inventory
Ending work in processinventory
Factory overhead
Finished goods
Gross profit
Materials
Net income
Net loss
Purchases
Sales
Selling and administrativeexpenses
Total inventories
Total manufacturing costs
Total manufacturing costsincurred
Work in process

Statement of Cost of Goods Manufactured

Prepare a schedule of cost of goods manufactured. Refer to theLabels and Amount Descriptions provided for the exact wording ofthe answer choices for text entries. Be sure to complete thestatement heading. “Less” or “Plus” will automatically appear if itis required. You will not need to enter colons (:) on the statementof cost of goods manufactured. Enter all amounts as positivenumbers.

Zoe Corporation

Statement of Cost of Goods Manufactured

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Income Statement

Prepare an income statement for the month ended March 31. Referto the Labels and Amount Descriptions provided for the exactwording of the answer choices for text entries. Be sure to completethe statement heading. “Less” or “Plus” will automatically appearif it is required. You will not need to enter colons (:) on theincome statement.

Zoe Corporation

Income Statement

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Partial Balance Sheet

Prepare the Inventory section of the balance sheet. Refer to theLabels and Amount Descriptions provided for the exact wording ofthe answer choices for text entries. Be sure to complete thestatement heading. You will not need to enter colons (:) on thebalance sheet.

Zoe Corporation

Partial Balance Sheet

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