Question - The Cake Factory has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet.
Purchases $85,000
Materials inventory, March 1 6,000
Materials inventory, March 31 7,000
Direct labor 25,000
Factory overhead 34,000
Work in process, March 1 17,000
Work in process, March 31 18,500
Finished goods inventory, March 1 21,000
Finished goods inventory, March 31 23,000
Sales 235,000
Sales and administrative expenses 78,000