The Timberlake Company has the following information for August: Cost of direct materials used in production $25000
Direct labor 35000
Factory overhead 20000
WIP, August 1 30000
WIP, August 31 25000

Requried:
a. Cost of goods manufactured
b. Cost of goods sold

See below

Explanation:

1. Cost of goods manufactured

= Cost of direct materials uses in production + Direct labor + Factory overhead

= $25,000 + $35,000 + $20,000

= $80,000

2. Cost of goods sold

= Opening stock + Purchases - Closing stock

Or

Gross income = Gross revenue - Cost of goods sold

Hence we are not able to calculate cost of goods sold with the given information.

Explanation:

Minimum cycle time ⇒ This is the time taken for the longest task to be completed. In this case that is 2.9 minutes.

Maximum cycle time ⇒ This is the time taken for all the tasks to be completed. In this case that is 17 minutes.