Question 1 Cepeda Corporation has the following cost records for June 2017 $4,82

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Question 1 Cepeda Corporation has the following cost records for June 2017 $4,820 21,080 Indirect factory labor 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 Factory utilities Depreciation, factory equipment 3,520 Direct labor 3,970 Maintenance, factory equipment 5.920 Indirect materials 7,730 Factory manager's salary $420 1,790 42,810 1,920 2,290 3,120 Prepare a cost of goods manufactured schedule for June 2017 CEPEDA CORPORATION Cost of Goods Schedule LINK TO TEXT

Explanation / Answer

CEPEDA CORPORATION

Cost of Goods Manufactured Schedule

For the month ending June 30, 2017

Work in process, June 1

$3520

Direct materials used

$21080

Direct labor used

$42810

Manufacturing overhead;

Indirect materials

$2290

Indirect factory labor

$4820

Factory manager's salary

$3120

Factory utilities

$420

Maintenance, factory equipment

$1920

Depreciation, factory equipment

$1790

Total manufacturing overhead

$14360

Total manufacturing costs

$78250

Total cost of work in process

$81770

Less: Work in process, June 30

($3970)

Cost of Goods Manufactured

$77800

CEPEDA CORPORATION

Income Statement (Partial)

For the month ending June 30, 2017

Sales revenue

$89160

Cost of goods sold;

Finished goods inventory, June 1

$5920

Cost of goods manufactured

$77800

Cost of goods available for sale

$83720

Finished goods inventory, June 30

($7730)

Cost of goods sold

($75990)

Gross profit

$13170

CEPEDA CORPORATION

Cost of Goods Manufactured Schedule

For the month ending June 30, 2017

Work in process, June 1

$3520

Direct materials used

$21080

Direct labor used

$42810

Manufacturing overhead;

Indirect materials

$2290

Indirect factory labor

$4820

Factory manager's salary

$3120

Factory utilities

$420

Maintenance, factory equipment

$1920

Depreciation, factory equipment

$1790

Total manufacturing overhead

$14360

Total manufacturing costs

$78250

Total cost of work in process

$81770

Less: Work in process, June 30

($3970)

Cost of Goods Manufactured

$77800

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