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

PLEASE ANSWER THE BLANKS TO THE CHARTS BELOW!

 

  

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Work in process inventory, January 1, 2016 Direct materials: Materials inventory, January 1, 2016 Purchases Cost of materials available for use Materials inventory, December 31, 2016 Cost of direct materials used in production Direct labor Factory overhead: Indirect labor Depreciation expense - factory equipment Rent expense - factory Heat, light, and power - factory Property taxes - factory Supplies - factory Miscellaneous cost - factory Total factory overhead Total manufacturing costs incurred during the year Total manufacturing costs Less: Work in process inventory, December 31, 2016 Cost of goods manufactured Work in process inventory, January 1, 2016 Direct materials: Materials inventory, January 1, 2016 Purchases Cost of materials available for use Materials inventory, December 31, 2016 Cost of direct materials used in production Direct labor Factory overhead: Indirect labor Depreciation expense - factory equipment Rent expense - factory Heat, light, and power - factory Property taxes - factory Supplies - factory Miscellaneous cost - factory Total factory overhead Total manufacturing costs incurred during the year Total manufacturing costs Less: Work in process inventory, December 31, 2016 Cost of goods manufactured