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Oduvanchick [21]
3 years ago
10

Zoe Corporation has the following information for the month of March: cost of direct materials used in product $15,401,direct la

bor $24,583, factory overhead $35,335, work in process inventory March 1 $20,021, work in process inventory, March 31 $20,681, finished good inventory, March 1 #24,889, Finished goods, March 31, $27,311, A, determine the cost of goods manufactured, B. determine the cost of goods sold.
Business
1 answer:
bija089 [108]3 years ago
7 0

Answers:

Calculation of cost of goods manufactured:

Particulars                                                      Amount(in $)

Cost of direct material                                    $15,401

Add: Direct labour                                           $24,583

Add: Factory overhead                                   $35,335

Add: Work In process inventory, March 1      $20,021

Less: Work in process inventory, March 31   <u>$20,681</u>

Cost of goods manufactured                        <u>$74,659</u>

Calculation of Cost of goods sold:

Particulars                                                      Amount(in $)

Cost of goods manufactured                        $74,659

Add: Finished goods inventory, March 1      $24,889

Less: Finished goods inventory, March 31   <u>$27,311   </u>

Cost of goods sold                                        <u>$72,237</u>

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From the  Modified Accelerated Cost Recovery System (MACRS) Tables, the depreciation rates for the first 3 years for an asset falling under the MACRS five-year class are 20%, 32% and 19.2%. Therefore, we have:

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(b) Calculate the cash flows if the asset is sold now at $80,000

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Net sales proceeds = Sales proceeds - Capital gains tax = $80,000 - $8,960 = $71,040

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