Answer:
Zoe Company
a) Statement of Cost of Goods Manufactured:
Direct materials cost                 $90,000
Direct labor                                  25,000 
Factory overhead                        37,000 
Work in process, March 1           22,000 
Work in process, March 31        (23,500)
Cost of goods manufactured $150,500
b) Income Statement for the month ended March 31:
Sales                                                                    $257,000 
Finished goods inventory, March 1    $21,000
Cost of goods manufactured             150,500 
Finished goods inventory, March 31  (30,000)
Cost of goods sold                                              $141,500
Gross profit                                                          $115,500
Sales and administrative expenses                      79,000
Net Income                                                          $36,500
c) Inventory Section of the Balance Sheet as of March 31:
Current Assets:
Inventory:
Materials inventory, March 31              $8,000 
Work in process, March 31                   23,500 
Finished goods inventory, March 31   30,000
Total inventory                                    $61,500
Explanation:
a) Data and Calculations:
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
b) Materials inventory, March 1   $6,000 
Purchases                                    92,000
Materials inventory, March 31       8,000
Direct materials cost                 $90,000