Question 1 Cepeda Corporation has the following cost records for June 2017 Indir

Question

Question 1 Cepeda Corporation has the following cost records for June 2017 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 $410 1,600 41,330 1,980 2,400 3,530 $4,760 Factory utilities 22,180 Depreciation, factory equipment 3,300 Direct labor 4,420 Maintenance, factory equipment 5,480 Indiect materials 8,370 Factory manager's salary Prepare a cost of goods manufactured schedule for June 2017. CEPEDA CORPORATION Cost of Goods Manufactured Schedule

Explanation / Answer

Prepare cost of goods manufactured schedule :

Income Statement :

Beginning work in process 3300 Direct material used 22180 Direct labour 41330 Factory overhead Indirect factory labour 4760 Utilities 410 Depreciation factory equipment 1600 Maintenance factory equipment 1980 Indirect material 2400 Factory manager's salary 3530 Total factory overhead 14680 Total manufacturing cost 78190 Total cost of work in process 81490 Less: Ending work in process -4420 Cost of goods manufactured 77070

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