Exercise 10-12 (Part Level Submission) (a) Prepare a cost of goods manufactured

Question

Exercise 10-12 (Part Level Submission)

(a)

Prepare a cost of goods manufactured schedule for June 2017.

(b)

prepare income statment partial

Exercise 10-12 (Part Level Submission)

Culver Corporation has the following cost records for June 2017.
Indirect factory labor $5,540 Factory utilities $420 Direct materials used 22,490 Depreciation, factory equipment 1,760 Work in process, 6/1/17 3,340 Direct labor 41,640 Work in process, 6/30/17 4,470 Maintenance, factory equipment 1,890 Finished goods, 6/1/17 5,620 Indirect materials 2,530 Finished goods, 6/30/17 8,410 Factory manager’s salary 3,300

Explanation / Answer

Solution a:

Solution b:

Schedule of cost of goods manufactured (June 2017) Particulars Amount Direct Material Used: Direct material used $22,490.00 Direct Labor $41,640.00 Manufacturing overhead: Factory Utilities $420.00 Depreciation, factory Equipment $1,760.00 Indirect factory Labor $5,540.00 Maintenance Factory Equiment $1,890.00 Indirect Material $2,530.00 Factory Manager Salary $3,300.00 Total Manufacturing Overhead $15,440.00 Total manufacturing cost incurred during June $79,570.00 Add: work in process, 6/1/2017 $3,340.00 Total manufacturing cost to be accounted for $82,910.00 Less: work in process 6/30/2017 $4,470.00 Cost of goods manufactured $78,440.00

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