E14-12 Cepeda Corporation has the following cost records for June 2017 $ 400 20,

Question

E14-12 Cepeda Corporation has the following cost records for June 2017 $ 400 20,000 Depreciation, factory equipment 1,400 40,000 1,800 2,200 3,000 $ 4,500 Factory utilities Direct materials used Work in process, 6/1/17 Work in process, 6/30/17 Finished goods, 6/1/17 Finished goods, 6/30/17 3,000 3,800 5,000 Indirect materials 7,500 Factory manager's salary Direct labor Maintenance, factory equipment (a) Prepare a cost of goods manufactured schedule for June 2017. (b) Prepare an income statement through gross profit for June 2017 assuming sales revenue is $92,100.

Explanation / Answer

Solution a:

Solution b:

Schedule of Cost of goods manufactured - Cepeda Corporation For June'17 Particulars Amount Direct materials used $20,000.00 Direct labor $40,000.00 Factory overhead: Indirect factory labor $4,500.00 Factory utilities $400.00 Depreciation, Factory Equipment $1,400.00 Maintenance, Factory Equipment $1,800.00 Indirect materials $2,200.00 Factory Manager's Salary $3,000.00 Total Factory overhead $13,300.00 Total manufacturing cost incurred during period $73,300.00 Add: Beginning WIP $3,000.00 Less: Ending WIP -$3,800.00 Cost of goods manufactured $72,500.00

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