Q1 Prepare a cost of goods manufactured schedule and a partial income statement
ID: 2599918 • Letter: Q
Question
Q1 Prepare a cost of goods manufactured schedule and a partial income statement
Cepeda Corporation has the following cost records for June 2017.
Indirect factory labor $4,500 Factory utilities $400
Direct materials used 20,000 Depreciation, factory equipment 1,400
Work in process, 6/1/17 3,000 Direct labor 40,000
Work in process, 6/30/17 3,800 Maintenance, factory equipment 1,800
Finished goods, 6/1/17 5,000 Indirect materials 2,200
Finished goods, 6/30/17 7,500 Factory manager's salary 3,000
Instructions
(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
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
Explanation / Answer
(a) Prepare a cost of goods manufactured schedule for June 2017.
(b) Prepare an income statement through gross profit for June 2017 :
Beginning work in process 3000 Direct material used 20000 Direct labour 40000 Manufacturing overhead Indirect labour 4500 Factory utilities 400 Dep on factory equipment 1400 Maintenance factory equip 1800 Indirect materials 2200 Factory manager's salary 3000 13300 Total manufacturing cost 73300 76300 Less: Ending wok in process (3800) Cost of goods manufactured 72500Related Questions
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