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>
