. Zoe Corporation has the following information for the month of March: 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, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 Prepare (a) a schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) the inventory section of the balance sheet.

1. Cost of goods manufactured = $150,500

2. Net income = $36,500

3. Total Inventory = $61,500

Explanation:

Requirement 1

                   Zoe Corporation

Schedule of cost of goods manufactured

     For the month ended March 31

Direct Materials:

Beginning Materials inventory             $6,000

Add: Raw materials purchases            92,000

Raw materials available for use          $98,000

Less: Ending Raw Materials                    8,000

Direct materials used                          $90,000    

Direct Labor                                           25,000

Prime Cost                                          $115,000

Factory overhead                                   37,000

Total manufacturing cost                 $152,000

Add: Work in process, March 1              22,000

Less: Work in process, March 31          (23,500)

Cost of goods manufactured           $150,500

Requirement 2

                        Zoe Corporation

Income Statement for manufacturing company

            For the month ended March 31

Sales revenue                                                                $257,000

Less: Cost of goods sold

Beginning finished goods inventory           $   21,000

Add: Cost of goods manufactured (Req.1)    150,500

Finished goods available for sale                   171,500

Less: Ending finished goods inventory         (30,000)

Cost of goods sold                                                            141,500

Gross Profit                                                                     $115,500

Less: Sales and administrative expenses                         79,000

Net operating Income                                                    $36,500

Requirement 3

                        Zoe Corporation

                          Balance Sheet

                          As at March 31

Inventory:

Materials                           $8,000

Work-in-process               23,500

Finished goods                 30,000

Total Inventory                $61,500

Inventory consists of all the ending materials, ending work-in-process, and ending finished goods. All the ending items need to be shown in the balance sheet because those inventories will remain at hand at the end of the period.

what

explanation:

answer; customers within the organization