Question:
The cost of goods sold in March 2010 for Targé Co. was $2,644,100. March 31 Work in Process Inventory was 25 percent of the March 1 Work in Process Inventory. Overhead was 225 percent of direct labor cost. During March, $1,182,000 of direct material was purchased. Other March information follows:
|
Inventories
|
March 1
|
March 31
|
|
Direct Material
|
$ 30,000
|
$ 42,000
|
|
Work in Process
|
90,000
|
?
|
|
Finished Goods
|
125,000
|
18,400
|
a. Prepare a schedule of the cost of goods sold for March.
b. Prepare the March cost of goods manufactured schedule.
c. What was the amount of prime cost incurred in March?
d. What was the amount of conversion cost incurred in March?